China’s urbanization drive may be drawing to a close — and that could further hurt the already ailing property sector, according to China economist Hao Hong.
“Fixing the property sector may be a multi-year or even a decade’s work in front of us. Reason being, we built way too many housing for Chinese people,” the chief economist of Grow Investment.
“Also the Chinese urbanization process, which has been progressing very fast in the past 10 years, is coming to a halt,” Hong added.
China’s property market has been embattled by faltering consumer confidence, as property giants Evergrande and Country Garden are mired in debt problems.