China has a property problem there’s a glut of unsold new homes running into the tens of millions and a vast number of units that were pre-sold but never built which only adds to the Lowes Ground Zero in prej shim’s Fight to fix this crisis is the city best known for being a manufacturing hub for Apple’s iPhones jungo was among the first in the nation to see its housing market crash since 2022 the local government has adopted an array of measures to revive the market including loans to developers to complete unfinished projects and offers to buy Surplus units and turned them into affordable housing the capital of central H province has tried many ideas and officials from other cities have been flocking there to study its model a recent visit to the city reveals evidence of State intervention cranes worrying along the skyline thanks to government loans for long stall developments and people collecting keys to move into an affordable housing project but would be buyers remain on a Sidelines convinced that prices are far from bottoming out the problem is that demand for homes remains weak and supplies plentiful families are hard in cash as the economy slows and unemployment rises in recent years they relied on real estate for almost 80% of their wealth some ANS say what China really needs is an economic model that relies less heavily on property development others predict real estate will be a drag on growth for world’s second bigest economy for at least five more years