In some of China’s third-, fourth- and fifth-tier cities, the decline in the value of property – the major financial asset held by middle-class Chinese families – is weighing on their willingness and ability to spend. Photo: Xinhua
China’s property price declines in lower-tier cities take heavy toll on middle class
- Weakened real estate market in smaller Chinese cities is weighing on people’s ability to spend, impeding government’s goal of driving economic growth
- Analysts say some third-, fourth- and fifth-tier cities have suffered due to a lack of industrial development and an outflow of workers seeking better jobs in bigger cities
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In some of China’s third-, fourth- and fifth-tier cities, the decline in the value of property – the major financial asset held by middle-class Chinese families – is weighing on their willingness and ability to spend. Photo: Xinhua