The impact of the sector's sharp downturn since 2021 is still rippling across China's economy and clouding its recovery.
"I was previously considered wealthy in the area," said Liu, who also owns some commercial property in the northeastern city of Liaoyuan.
In play now in China, where around 70% of household wealth is in property, this phenomenon is weighing on the post-pandemic recovery of household consumption, which Chinese policymakers have vowed to make a more prominent driver of economic growth. Residents of smaller cities are feeling more pain than those living in big centres like Shanghai or Beijing, where home prices have been more stable.
A resident in the northern city of Langfang said her flat is now priced at 8,000 yuan per sq m, less than half the 18,000 yuan she paid for it three years ago. Retail sales were up 3.5% year-on-year in January-February and are expected to accelerate in coming months when compared with last year's smaller base, which was hurt by Covid curbs and lockdowns. March data will be released on Tuesday.
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