Bloomberg has finally caught up with MB, three years late:
At least 48 million homes in China have been sold before construction has been completed, suggesting the country’s property crisis won’t be resolved anytime soon, according to a report from Bloomberg Intelligence.
The figure, based on pre-sales data from 2015 through the first half of this year, is bigger than Germany’s total housing stock in 2021. It presents a direct threat to developers’ revenue because people could start avoiding pre-sales of new developments and instead buy completed or second-hand housing, analysts Kristy Hung and Monica Si wrote.
