In inland Chinese province, property bubble haunts dreams of prosperity by ywchen1 stellaq0420 PhilipWen11 Follow the series:
ZHENGZHOU, China - Song Jingyi, a paralegal from a family of modest means in the central Chinese region of Henan, had long dreamed of buying a home of her own in Zhengzhou, the sprawling provincial capital of 10 million where she attended college.
While the resulting price surges were a new source of wealth for many in the city, they also excluded people like Song, who is 25 and has plans to marry her long-term boyfriend. It also illustrates how policymakers have struggled to grapple with a property market, the world’s largest, that is crucial for growth yet prone to bubbles springing up in unlikely places - including the cities of Henan province.
She had longed for a taste of the middle class lifestyle her friends were flaunting with their apartments packed with consumer goods. But she also didn’t want to buy into a bubble that looked set to pop.“I felt that everyone around me had a house and I felt so much pressure from my peers,” Song said. “In many ways, that was an illusion of false prosperity.”Long a quiet provincial capital, Zhengzhou has thrived in recent years thanks to its position as a transport and logistics hub.
But in September last year, the Zhengzhou property market deteriorated rapidly, according to sales agents. Unsold property inventory in Zhengzhou rose 26.5% last year, compared to a 26.9% decline in 2016 at the peak of the boom. “Eighty percent of my customers now complain that they are very poor, that they don’t have the money for proper furnishings,” he said.
Those efforts attracted developers like Evergrande and Country Garden, who built vast complexes overlooking the park.
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