Feeling poorer: Property slump hurting Chinese consumers, clouding...
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Published date: 30/01/2025
- Location: 77002, England, United States
By Liangping Gao and Marius Zaharia BEIJING/HONG KONG, April 14 (Reuters) - Liu Baoxiang, who runs a mahjong parlour in a city on China's rust belt, no longer splurges on extravagant fashion items after seeing the two flats he owns lose roughly a third of their value over the past two years. "I was previously considered wealthy in the area," said Liu, who also owns some commercial property in the northeastern city of Liaoyuan.
"I used to buy mink coats in the tens of thousands of yuan, but I've hardly purchased any and haven't travelled lately." While pockets of China's property market, which is responsible for roughly a quarter of economic activity, are showing tentative signs of stabilising, the impact of the sector's sharp downturn since 2021 is still rippling across the economy, Scatter Hitam and mahjong slot online clouding its recovery.
"I used to buy mink coats in the tens of thousands of yuan, but I've hardly purchased any and haven't travelled lately." While pockets of China's property market, which is responsible for roughly a quarter of economic activity, are showing tentative signs of stabilising, the impact of the sector's sharp downturn since 2021 is still rippling across the economy, Scatter Hitam and mahjong slot online clouding its recovery.
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