For four decades, real estate development accounted for one-third of China’s gross national product (GNP) growth rate. Over the past 15 years, the construction boom, driven by the expansion of cheap credit, caused housing prices to double on average. By 2019, investor euphoria was at its peak. Real estate’s share of household wealth was now at 70%. The illusion of wealth created by the continuous rise in housing prices encouraged investors to take more risks. Investments became speculative in a market where over 20% of new homes were empty.
— Read on www.lemonde.fr/en/opinion/article/2022/12/10/four-decades-of-rapid-growth-driven-by-the-real-estate-sector-crashes-to-an-end-in-china_6007248_23.html
四十年来，房地产开发占中国国民生产总值 (GNP) 增长率的三分之一。 在过去的 15 年里，在廉价信贷扩张的推动下，建筑热潮导致房价平均翻了一番。 到 2019 年，投资者的狂热情绪达到顶峰。 房地产在家庭财富中的份额现在达到了 70%。 房价持续上涨造成的财富幻觉鼓励投资者承担更多风险。 在超过 20% 的新房空置的市场上，投资变得具有投机性。
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