{"id":38048,"date":"2021-10-16T00:03:41","date_gmt":"2021-10-15T15:03:41","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/2021\/oct\/15\/chinas-booming-real-estate-market-could-spell-trouble-for-the-economy"},"modified":"2021-10-16T00:03:41","modified_gmt":"2021-10-15T15:03:41","slug":"chinas-booming-real-estate-market-could-spell-trouble-for-the-economy-george-magnus","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=38048","title":{"rendered":"China\u2019s booming real estate market could spell trouble for the economy | George Magnus"},"content":{"rendered":"<p>Housing activity accounts for 29% of GDP, but Evergrande\u2019s debt crisis is sign that things could soon change<\/p>\n<p>In China today, the buzz is all about how the government there too has stumbled into an energy crisis <a href=\"https:\/\/www.theguardian.com\/world\/2021\/sep\/29\/china-hit-by-power-cuts-and-factory-closures-as-energy-crisis-bites\">with widespread power cuts<\/a>. Yet this and other supply shocks will eventually pass, while the $300bn(\u00a3218bn) of debt enveloping China\u2019s second biggest property developer, Evergrande, is of greater significance. It suggests China\u2019s long housing boom is over, and bodes badly for the increasingly troubled economy, with implications for the rest of the world too.<\/p>\n<p>China\u2019s real estate market has been called the most important sector in the world economy. Valued at about $55tn, it is now twice the size of its US equivalent, and four times larger than China\u2019s GDP. Taking into account construction and other property-related goods and services, annual housing activity accounts for about 29% of China\u2019s GDP, far above the 10%-20% typical of most developed nations.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/2021\/oct\/15\/chinas-booming-real-estate-market-could-spell-trouble-for-the-economy\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing activity accounts for 29% of GDP, but Evergrande\u2019s debt crisis is sign that things could soon changeIn China today, the buzz is all about how the government there too has stumbled into an energy crisis with widespread power cuts. Yet this and o&#8230;<\/p>\n","protected":false},"author":2647,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sns_share_botton_hide":"","vkExUnit_sns_title":"","_vk_print_noindex":"","sitemap_hide":"","_veu_custom_css":"","veu_display_promotion_alert":"","vkexunit_cta_each_option":"","footnotes":""},"categories":[6,50,2370,42],"tags":[],"class_list":["post-38048","post","type-post","status-publish","format-standard","hentry","category-business","category-china","category-evergrande","category-world-news"],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/38048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/users\/2647"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38048"}],"version-history":[{"count":2,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/38048\/revisions"}],"predecessor-version":[{"id":38057,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/38048\/revisions\/38057"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}