As China’s second-largest property firm, Evergrande long rode a seemingly unstoppable boom in real estate prices, driven…

As China’s second-largest property firm, Evergrande long rode a seemingly unstoppable boom in real estate prices, driven jointly by the country’s growing middle class and a mass urbanisation process, which saw local governments around the country make an average of 30 percent of their revenues from land sales to property groups like Evergrande in 2020, according to figures from China’s finance ministry.⁠

Now, it’s apparent that China’s broader housing market is in worse shape than it has been in years. This decline is likely to dent discretionary spending among some consumers causing analysts to downgrade estimates for Chinese spending growth, and also the global luxury goods market in 2022. BoF’s @shanghaicasey breaks down the likely impact. [Link in bio] 📷 @gettyimages #chinafashion #shanghaichina

(SOURCE) https://www.instagram.com/p/CYyj8YksYbE

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