China’s faltering property sector continues to be a drag on consumption, with much of middle class wealth stored in homes that have not regained value
Rebecca Wei’s new home still looks like a construction site. The road running up to the high-rise housing complex in the central Chinese city of Luoyang is unfinished, dissolving into gravel before reaching the front gate.
Wei’s apartment itself is little more than a shell. The floors are bare cement. There is no permanent water or electricity supply, and the building does not comply with Chinese fire safety regulations.
“The developer delivered the property without even meeting the basic inspection standards, essentially saying, ‘Take it or leave it,’” Wei told the Post.
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