The volume of unsold Chinese homes hit a four-year low last month, in a sign that new construction can cushion an expected economic slowdown next year, while persistent warnings of a bubble may be overstated.
Real estate is crucial to China’s overall economy, contributing at least 20 per cent of gross domestic product when upstream and downstream sectors such as steel and home appliances are included. De-stocking of housing inventory was a key element in President Xi Jinping’s “supply-side reform” campaign to address excesses in a range of industries.
A strong property market has powered overall Chinese growth this year, putting the economy on pace for its first year-on-year acceleration since 2010.
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