Why China's housing property sales could drop by 30%?

Why China's housing property sales could drop by 30%?

China's homebuyers are running out of patience as the country's real-estate crisis threatens to spiral out of control.

Hundreds of thousands of homebuyers have begun a ''MORTGAGE BOYCOTT''

As of July 18, homebuyers in 80 cities and 200 projects had threatened to stop Mortgage payments.

Total Mortgage at stalled Chinese development amount to 2 Trillion Yuan ($ 296 billion).

Home sales have collapsed by nearly 60% compared to a year ago.

China's real estate sector accounted of 29% of the country's GDP - About $4 Trillion.

GDP of growth to slow sharply to 4.3% in 2022: WORLD BANK.

Reasons:

1. The country's rigid Zero-Covid Strategy.

2. In India has a very strong concept of saving money. But in China, there is no concept of saving money.

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