![China has a plan for its housing crisis, but itâs not enough](https://cdn.magzter.com/1617717947/1716756944/articles/bX6etTBW21716767067862/CHINA-HAS-A-PLAN-FOR-ITS-HOUSING-CRISIS-BUT-ITS-NOT-ENOUGH.jpg)
China has a housing problem. A very big one. It has nearly four million apartments that no one wants to buy, a combined expanse of unwanted living space roughly the area of the US city of Philadelphia.
Mr Xi Jinping, the country's leader, and his deputies have called on the government to buy them.
The plan, announced in May, is the boldest move yet by Beijing to stop the tailspin of a housing crisis that threatens one of the world's biggest economies. It is also not nearly enough.
China has a bigger problem lurking behind all those empty apartments: even more homes that developers already sold but have not finished building. By one conservative estimate, that figure is around 10 million apartments.
The scale of China's real estate boom was breathtaking. The extent of its unrelenting bust, which began nearly four years ago, remains vast and unclear.
China's leaders were already managing a slowdown after three decades of double-digit growth before the housing crisis created a downturn that is spiralling out of their control.
Few experts believe that Beijing can transition to more sustainable growth without confronting all those empty apartments and the developers that overextended to build them.
All told, trillions of dollars are owed to builders, painters, real estate agents, small companies and banks around the country.
After decades of promoting the biggest real estate boom the world has ever seen, and allowing it to become nearly one-third of China's economic growth, Beijing stepped in suddenly in 2020 to cut off the easy money that fuelled the expansion, setting off a chain of bankruptcies that shocked a nation of homebuyers.
ãã®èšäºã¯ The Straits Times ã® May 27, 2024 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ The Straits Times ã® May 27, 2024 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
![PANG PERSISTS FOR S'PORE VICTORY](https://reseuro.magzter.com/100x125/articles/24723/1735235/XCMlCjW2b1718583576600/PANG-PERSISTS-FOR-SPORE-VICTORY.jpg)
PANG PERSISTS FOR S'PORE VICTORY
Endurance propels I7-year-old to maiden Tour win at rain-delayed Ladies Masters
![MBAPPE WILL BE UNSTOPPABLE: CISSE](https://reseuro.magzter.com/100x125/articles/24723/1735235/d0Dvf6nZa1718583471889/MBAPPE-WILL-BE-UNSTOPPABLE-CISSE.jpg)
MBAPPE WILL BE UNSTOPPABLE: CISSE
Les Bleus captain back to his best with club future settled, says former France forward
![SUPERSUB WEGHORST DELIVERS](https://reseuro.magzter.com/100x125/articles/24723/1735235/669mOkG551718583334667/SUPERSUB-WEGHORST-DELIVERS.jpg)
SUPERSUB WEGHORST DELIVERS
Striker continues to shine on the big stage, scoring 83rd-minute winner against Poland
![Ashwath, 8, wants to be one of youngest grandmasters](https://reseuro.magzter.com/100x125/articles/24723/1735235/g2m5wkhgB1718583229252/ASHWATH-8-WANTS-TO-BE-ONE-OF-YOUNGEST-GRANDMASTERS.jpg)
Ashwath, 8, wants to be one of youngest grandmasters
Having become the youngest player to beat a grandmaster recently, eight-year-old Ashwath Kaushik has set his sights on attaining chessâ highest rank soon.
![BOL RELISHES 'NICE BATTLE' AT OLYMPICS](https://reseuro.magzter.com/100x125/articles/24723/1735235/8GUDEIOZA1718583051422/BOL-RELISHES-NICE-BATTLE-AT-OLYMPICS.jpg)
BOL RELISHES 'NICE BATTLE' AT OLYMPICS
She seeks best form for highly anticipated hurdles race against McLaughlin-Levrone
![GHALIB DOWNS THE MONKEY](https://reseuro.magzter.com/100x125/articles/24723/1735235/-u28QmJnv1718581885083/GHALIB-DOWNS-THE-MONKEY.jpg)
GHALIB DOWNS THE MONKEY
Up-and-coming 4YO rolls hot favourite after ace rider Nunes stacks up the speed in front
![Less meat on menus and fewer new venues: How the Olympics are trying to go green](https://reseuro.magzter.com/100x125/articles/24723/1735235/fDXDu51ux1718581703269/LESS-MEAT-ON-MENUS-AND-FEWER-NEW-VENUES-HOW-THE-OLYMPICS-ARE-TRYING-TO-GO-GREEN.jpg)
Less meat on menus and fewer new venues: How the Olympics are trying to go green
Paris event organisers pledge to halve greenhouse gas emissions from London and Rio levels.
![Investing in sustainability offers long-term opportunities: GIC](https://reseuro.magzter.com/100x125/articles/24723/1735235/rQUuypN4c1718581621534/INVESTING-IN-SUSTAINABILITY-OFFERS-LONGTERM-OPPORTUNITIES-GIC.jpg)
Investing in sustainability offers long-term opportunities: GIC
It sees prospects for market growth, better returns even as climate change risks rise
![Bitcoin miners pivot to South-east Asia after China crackdown](https://reseuro.magzter.com/100x125/articles/24723/1735235/uHV5ceY2y1718581517863/BITCOIN-MINERS-PIVOT-TO-SOUTHEAST-ASIA-AFTER-CHINA-CRACKDOWN.jpg)
Bitcoin miners pivot to South-east Asia after China crackdown
The 6.9ha cement slab in the middle of a Borneo industrial area once belonged to a logging company. Long ago, that business abandoned the site to the elements, leaving just rudimentary structures and a four-storey concrete birdhouse made to lure swiftlets whose nests, built with saliva, fetch high prices in China.
GameStop fever stirs questions of market manipulation
Trading firms, former fans of influencer Keith Gill are eyeing him with suspicion