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
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
Economy /  China Economy

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

He Huifeng
He Huifeng in Guangdong

Updated: 4:30pm, 21 Mar, 2021

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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
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
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