In the first quarter of 2025, China’s top 100 real estate companies saw their sales plunge by 47.5% compared to last year. This marks the sharpest drop since the “golden decade” of real estate. Land auctions are cooling, new homes are sitting unsold, second-hand homes aren’t moving, and many companies are struggling to stay afloat. In the four major first-tier cities, house prices are rapidly declining, even dropping to levels not seen since 2016 or earlier. Real estate, once seen as the “safest investment,” is now experiencing an unprecedented collapse in credit.
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