China grapples with housing crisis as world watches on
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- čas přidán 4. 09. 2024
- This week saw the Chinese Communist Party hold its Third Plenum economic meeting.
The world's second-largest economy faces a number of headwinds, including lower growth rates and high youth unemployment.
One of the biggest issues China faces is fixing its embattled real estate sector.
Properties lie empty, and many homeowners have lost their life savings after the country's biggest housing developer, Evergrande, collapsed.
Sky's Asia correspondent Nicole Johnston travelled to China's 'rust belt' in the north-east of the country to witness the scale of the crisis.
#china #evergrande #realestate
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I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
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Biggest waste of resources in human history. Imagine all the fuel, concrete, wood and various resources used on these projects..
Welcome to China
Meanwhile Canadians have to pay a 'carbon' tax.
@@vercopoliscanda's Carbon tax are jokes compared to Eu ones (in NL, in FR, etc.)
And their all tofu dreg projects hahaha
Still can be used
Rule number one. NEVER buy an apartment or home that isn't completed and able to be inspected.
Unfortunately in China, their policies force people to only be able to buy homes this way, otherwise it's extremely expensive and unattainable to buy an already done house. In my country, I bought land and building my house using contractors of my own choice. In China, that's Impossible.
@@BaDazai I believe the Chinese cannot buy homes in technical terms, they just pay a permit to live there for a couple of decades
That's not necessarily true. Most of my wives relatives in China bought houses already built. They bought them because they were near a good elementary school for their kids. Her family members got good discounts because the building was made in 1997 and is older@@BaDazai
Except in Singapore 😊
Not 100% true, China is a communist government that is why. CCP can get any of their citizen's property if they wanted to, at first they really invested in real-estate but now, CCP doesn't care anymore about real-estate, they are more focus on advancing their military capabilities.
Mansions along dirt roads says a lot
That country is a dump
80 Million empty homes with 1.4 Billion people....
Something isn't adding up here.🤔
Not all Chinese are rich. Chinese homes require mortgage payment during construction. China's real estate is a Ponzi scheme where new money is used to either fix existing problems or market new projects instead.
People forget that Much of China is still poor. GDP per capita lags well behind western nations. The demand and affordability for millions of Chinese simply still isn’t there yet. They built too much too fast.
@@JamesMcKenzie505china ain't poor but it's just that 400 million people live in villages but they've their own land and are self dependent.
the entire country could have 800 million homes with 10% being empty. Did that explain it better? lol.
@@JamesMcKenzie505 Just wait
Meanwhile, America is grappling with homelessness by the tens of thousands. Europe has a migrant crisis while China is being plagued with excess in housing.
Perks of democracy, innit?
Also it's not migrants it's colonists there going back on vacation to the country they fled from wake up mo ron
@@in-x-orable2769I don’t think democracy is to blame, and China ain’t one anyway
Those houses collapsing apart, they have build with cheapest materials... It is unsafe to live in those houses(not all, but majority of them) ! So ur comment here is irrelevant ! Except for migrant crisis in EU !
@@502opz346 Stop taking drugs,their houses are better than US made paper houses..They use cement to build those houses not Wood which is blown by the wind.
Getting into problems with the police for just complaining about being screwed over?
Sheesh...
Yup
SOCIAL CREDIT SCORE -150
absolute rubbish! there is no shortage of public complaints on local social media and they have not been censored. Sky News is fake news !
Tryna bring that bs worldwide.
the real face of communism
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So which is worse? Thousands of empty properties or thousands of people without homes like in the UK?
@@SIR_RR At least the houses are physically there and people can live in them.
@@SIR_RR 34 trillion in debt @1T per 100 days of intersect repayments better?
@@MA-jz4yc They are not liveable and no one is living in them. They don't even have power and are unsafe to live in. And most people lost their deposits / savings. Thats a lot worse than having the opposite problem that the west has, a shortage of housing. Either way both populations don't have a home, only those in China lost their savings aswell.
@@MA-jz4yc they would starve.. theres no food.. no water.. no jobs in the area for miles and miles
@@SIR_RRChina has solved it's housing crisis. It's the western media that sensationalized and smeared the issue out of proportions. Just like a lot of westerners visited China recently and discovered that the China they visited is totally different from how the,western medias reported. Liars, liars pants on fire.
Followed by police all day? Wow, that's just strange.
Not strange in China.
Having the Olympics in China was strange. They had to break the law with VPN to use standard internet. Some were locked up for accessing the WWW.
@@Ulysses.S.Grant.For.The.Union.lmao
tottaly normal in a communist ditatorship. only thing that matters is staying in power.
Imagine police enforcing masking rules and checking people are in their homes 🤷🏻♂️🤔….
80 million empty homes, invite people from abroad to come live
And destroy their culture? No westerners are rude.
Who suggested inviting westerners?
No one did, shinji just wanted to make clear they are racist.
@@csmain 80 million would be 4-5% of their population.
@@shinji1264 They are massively xenophobic
I would rather have a oversupply issue rather then a low supply issue. At least no one is sleeping in cars and on the streets like they are in Australia.
They are
Utter nonsense. The home is still useless.
Changchun is in the North which used to be the base of heavy industries but has never taken off after the opening up as the Southern provinces. Therefore, real estate projects there have not been not sold well and are hit the hardest when real estate crisis came last year.
This city is packed by auto manufacturers but I guess mansions like this are built for a limited niche.
Why do they look like towering prisons?
From an American prospective
@@DreamEater-cb2cl From every perspective
Too much housing is a problem …. Not enough housing is a problem. What’s the common denominator ?
Government.
People are the problem bro, the world has a population problem@@thedownunderverse
@@mrcable1996 that’s idiotic.
Overpopulation is an absolute lie. Just look at this city. There’s countless apartments, the city simply refuses to finish construction.
Yeah if everyone was dead we wouldn’t have to worry about anyone would we? But the idea that the populace is too large for the world to handle is idiotic.
Greed
here, its communism
Having excess of something is way better that sleeping on the skid row
Nonsensical comment. Who will absorb the loss?
@@jimpeterson6730Get on the sarcasm express 🚝
@@jimpeterson6730 The government: citizens will bailout the banks
@@jimpeterson6730a government that actually cares about the people, that’s difference between socialism and democracy.
@@LifelongLearnerForeveryou cannot be talking about CCP socialism.
Come to Chicago we got abandoned houses everywhere
NIMBY is a term that ain’t in the Chinese dictionary 😂
That's bcz Chinese speak Mandarin .
No such thing as undesirable neighbors in a nation where everyone looks and acts alike.
@@starventureYou incorrectly assume that there are no intra-group differences among the Chinese people. I e , different personalities, motivations, values etc
Only in Vancouver
0:23 look's like a swamp😂
China is suffering from residentlessness!😂
Looks so polluted - probably why no one wants to live there. yuck!
I'm living in a house that's nearly 200 yrs old. I don't think they'll make 20.
Country Garden says hold my beer 🍺
@@jules263 homeless in USA 😂
@@JonySmith-bb4gxBecause homelessness and drug addicts only exist in America 🤦♂️
As long as I get mines
Black Rock , SoftBank , Vanguard , Wall Street - must be crying about their money ha ha
Can't understand the concept of an empty housing. If it's cheap, someone should get it. People around the world are dying to get a few square meters of place and here we have abandoned buildings just because of little things?
it's mind blowing how much was built and not finished.
They need to know how to build houses first before they start talking about the housing crisis. These houses are made from flour and water no way they could fix the same issue they have been made aware of for the past 100 years
And British economy is doing well that is why they keep changing their prime minister like a clothes
lol
I don't think anybody said the British economy is doing well, but feel free to keep responding to voices that aren't there
How's your cardboard condo?
It is, actually
How do they have homeless when they have cities with no one in them?
Those new Chinese cities are not livable. Along with homes not being completed, there are few jobs and economic opportunities. People don't want to move if they cannot find paid work and support system.
This is tiring ignorance to behold. There are many ghost towns all over the world and homeless people can't just move in and live there. This is the case all over the world-Italy,Ireland,Spain. It is totally nonsensical.
Let's pretend we don't have housing crisis.
Who was the idiot who authorized constructing buildings without making sure that those buildings will get finished and the money will return to the government in form of taxes?
Boom bust cycles are the norm for now and have been for the past 100 years,tragically. Wall Street Crash is just after beginning in China with collapse of Evergrande,probably for similar reasons humorously.
As a honeless person, I can feel the pain
And the uk can barely build a 100th of the houses we need every year…. The financial and economic systems are definitely failing somewhere
None of these are livable, though. They are not built to be lived in.
Less people is needed not more housing.
The land hasn't gone anywhere.
Nothing else is real.
So if China has built houses and they are empty,in the UK and the EU including the US, people are sleeping rough on the streets, so nothing to preach about.
China has solved it's housing crisis. It's the western media that sensationalized and smeared the issue out of proportions. Just like a lot of westerners visited China recently and discovered that the China they visited is totally different from how the,western medias reported. Liars, liars pants on fire.
Chinese homes were not completed. They are simply unfinished construction that are not livable in western standards due to safety issues.
What % of people are homeless in US, EU, UK, China ?
Let’s talk data/Numbers
With all major countries loosing population, why is there a housing crisis?
Difficulty in allocating resources. Just like the tenants of the Industrial Revolution,modern tertiary economies are giving the raw end of the stick to the middle and lower class.
Some of us would rather those buildings crumble than be forced to live in them.
China has several empty cities. I saw something similar to this years ago..
They're homeless in their own home.
And the world watches on? what a silly title. Man journalism nowadays is weird.
Because they stole the money
Looks like a prison city
If only China and the Uk had a baby , everyone would have a place they could call home .
Nope . I'm china there are no homeless
China and the UK have a baby: United States of America
America did the same thing to me. Just a lot of working hard investments in myself and the market. Training others in my trade. Everything was taken from me with various policies. America never allowed us a somewhat steady work environment. I have never worked a full year in my life. I'm 48 years old! I was a master tradesman! Now I'm unable to work because of a dangerous work environment! Insurance companies treat me like garbage! I'm disabled now! America sucks too! It's probably not any different than China. The only difference is the culture. The government is just as bad they just use different ways to achieve the same goal! Hopelessness!
No they can't. No planning
Just make everything the same
no quality buildings , houses, legacy of xi jin ping
U described trump and Biden😂
China has a *faulty economic model,* which causes frictions with other countries. Experts have warned China for years that the model is not sustainable.
No model that depends on growth is ever sustainable. That's just basic logic.
@@TurinTuramberTaiwan is doing well. So is the US.
@@AhmetTekin101 Indeed but that isn't what sustainable means.
Also remember the US is $35,000,000,000,000 in debt (124%) and rising. This is the opposite of sustainable.
I find it hilarious when people quote 'experts' in their comments, they think it gives their comment a seal of approval.
@@TurinTuramber This is why China is moving towards a steady state model
We are dealing with our own houseing crisis in many countrys
This looks like a place for sheep's. So 80 million empty homes. This can't be real...
The quality must be bad
Stand up against the CCP.
Why so many unfinished then.
Ponzi scheme. Some of the money for new construction went towards promoting additional projects instead of completing ongoing ones.
What a great country to live in. I wouldn't even go there for a holiday.
No squatters?
Good, they deserve this!!!!
So sad
Goes to show where their interests are. It's not with the people or their well-fare.
90% of China own their own home.
While only 50% of UK do.
China is far ahead.
No demand then….
@@TheGeorgeous service based economy wouldn't need massive home inventory. The problem is acute longevity. The aging folks that hold longer instead of downsizing.
@@TheLuckyShot101 homeless is in demand in UK ?
The 90% “home ownership” rate in China is very misleading and can’t be compared to non-socialist countries. Read up about it.
If 90% own a home already then there is little demand for all these new developments….
Wow, property bubble coupled with 80 million empty homes.
0:48 the fact sky news calls it a “Propery Crisis” just ended me!
Why?
@@martinogold crisis = Abondon
@@martinogold do I really have to answer that :/ :D
it s a crisis ; people are getting houses that will never be finished and those people are still paying the full debt .. it s actually outrageous that company built too much houses more than the demand and now they can't even provide a finished product
@@boiscooka232 no, housing surplus. These homes were never lived in. China builds and plans cities mindfully in advance.
Chinese 🇨🇳 property sector, which accounts for 30% of GDP, is crashing.
- Exports and imports, accounting for 37% GDP, are down.
- Foreign investment (FDI) is falling over 90%, lowest in 3 decades.
- Foreign visitors are down 96% compared to the pre-pandemic level in 2019.
- Consumer prices are experiencing deflation.
- Youth unemployment hits over 21%, a record.
- Its fast-shrinking workforce is 10 years older than neighboring countries.
*Still, China keeps reporting outrageous GDP numbers.* Lol
Where does the growth come from?
OK CIA BOT
The property sector accounts for 22% of their GDP,stop lying bot.
where are your numbers coming from lol
@@ArabicReja973 I had toast for breakfast
Source: just trust me bro
Not sure what their problem is, isn’t that their superior made in china building quality?
In the Netherlands there is a shortage of houses that young people. starters, can afford. Can't imagine that the Netherlands would let such house park go unfinished.
Can Britain solve its homelessness problem ? Million are homeless, million
going hungry.
80 million homes. Not homes for 80 million people.
80 million homes is crazy. Assuming 4 people per home on average, that's bigger than a vast majority of countries' population.
80M flats? more like 500M. More homes than people in the worlds second most populous country
Every time i watch the news I’m like, yeah, the worlds just lost it.
Especially the ICJ court latest ruling! Utterly ridiculous! 😏
@@jettserUK17 awww jealous u are that your sugar daddy is called out
@@matthewwilliams3827 china has housing
UK forgot
Here is what to do. Create a vocational school to train handyman technicians. Employ teachers to teach the unemployed new graduates. Then have them go over there and fix those buildings, so that they can be lived in.
Who woulda thought that housing as an investment vehicle would cause worldwide homelessness?
chinese corruption just gets worse and worse.
As if they don't treat their people bad enough, they're ruining them financially too.
Western world would love to have this problem
China has too much housing and we in the U.S. don't have enough.
I thought the USA had housing problems😢😮😊
Nos usa e europa o problema são os bilhões do contribuinte enviados para a Ucrânia com PIB abaixo dos bilhões que recebeu e que jamais pagará de volta. Aí falta moradias, empregos e sobra muita fome, moradores de rua e todo tipo de miséria. Mas botam a culpa nos imigrantes igual Hitler fazia.
Who planned the layout of those mansions?
His urban design degree Should be revoked
I wonder if Winnie Xitler is watching this....
this was Xi's doing. He explicitly said that 'houses are for living not speculating' and enacted the three strikes policy which kicked this all off.
The country full of houses that fall apart and roads that disappear into sinkholes🤣🤦♂️🤦♂️🤦♂️ entire buildings just fall down. The can’t even get that right 😂😂
There is no crisis. TWO companies went out of business.TWO out of hundreds in the country.
Real estate is still being built and people are still buying. Get out of the North where it is poorer than Central and Southern China.
I work in Guangxi and there are dozens of apartment buildings being built and people ready to move in.
Life savings lost? Ermm. They have or will have received compensation for those so called "lost savings"
Youth unemployment is around 20% whereas the rate for all of China is at 5 % Probably a little higher for now as 11.9 million university graduates and school leavers entered the job market. Youth unemployment includes 16 to 24 years old.
Social credit plus two!
Post per ramen?
@@Censortubes
Get a.life.
There is no such thing as social credit.
那你好好在广西住吧
I live in Guangxi Beihai. Many people from the north move to Beihai for its warm climate and beautiful beach. Half of the citizens here now are from the north! That's why no one buying properties there. Sky news cherry pick a few negative stories and apply to the whole China. That's what they are good at.
@@AnAverageChinese dongbei, right? they only buy those in beihai as a holiday home or as retirement home, where they live there a few months a year
Here in Canada we are bombarded with a ridiculous carbon tax!! Look at the waste of resources. Bs
So many other countries with this problem, don't stigmatize
The quintessential BBC style ‘hellish video filter’ for China
Why aren’t they opening up immigration?
So they dont face the problems the West is facing?
What good will become of it? Better to have empty houses than immigrants defocating in their streets.
Too smart to fall for that scam.
They already have 1.4 billion people
Many of these properties do not have functioning utilities.
Joe Biden says hold my beer
invite foreigners to live in it ..........syria, yemen , africa , bangladesh , india ...........
Force the politicians to live in it
They would have to provide welfare payments.
Plenty of iligal immigrants in Europe that would make use of them. The UK doesn't quite have 80 million apartments/ homes spare but China does so makes sense
Most of these 80 million unfinished apartments/homes in China are mere shells of buildings, Not only do they have no electricity and water, the building shells themselves are crumbling due to faulty construction standards. China has already demolished some of these projects because they are essentially worthless.
On the other hand, some cities / countries can't even solve homelessness. Look at the disparity in capabilities.
É só doar e pronto!
At least people are happy dancing and enjoying life 🎉🎉
This is the problem i wish i had in my country
I imagine all the economic change happened too fast and authorities were too uneducated and unprepared for it
Every lie has a price that eventually has to be paid
This is not going to end well.
No they cannot.
The uk should give them all the hardworking people arriving in dingys to finish building and live over there
At least they have got abundance of housing
Prebuilt sales offer the potential for amazing profit returns.
No one ever seems to focus on the risk.
Well at least they have housing unlike Canada
This is the true definition of “Made In China” lol
With Xi Jinping in the driver's seat?
Nah