Chen Jian, a 35-year-old in the city of Wuhan, is one of many victims of China’s property crisis. He bought an apartment in 2020, but the developer behind it collapsed, leaving him and his family unable to move into an unfinished home.
Across China, an industry that contributes more than a quarter of economic growth has languished for more than a year, mired in construction delays after many developers ran out of cash. Now, a government support package unveiled over the weekend has provided a rare glimmer of optimism for those caught up in its woes.
“I hope the new measures can work out a solution for us,” said Chen. “We are under great pressure.”
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