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Al Jazeera
Al Jazeera
Business
John Power

As China’s property crisis grows, is the global economy at risk?

China Tommy Wu Economy Beijing Xi Jinping GDP Oxford Economics
China's slowing property market has raised fears for the Chinese and global economies [File: Qilai Shen/Bloomberg]

China’s property market is in the midst of a slow-moving crisis.

Real estate prices have plummeted as authorities seek to rein in unsustainable debt and market speculation. Hundreds of thousands of homebuyers are refusing to pay their mortgages for pre-sold properties as developers struggle to complete housing projects on time.

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