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Description: Chinainsights China's economy is experiencing the sharpest downturn in nearly 40 years. Many home buyers can no longer ...
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China Insights

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sharpest downturn in nearly 40 years 4.619 Jump to 3.48 DATE nearly 40 years
in China why is that in 2008 a wave of 5.82 Jump to 16.74 GPE China DATE 2008
on the surface but if one looks deeper 4.08 Jump to 29.88 CARDINAL one
one will feel sorry for the Chinese 3.901 Jump to 32.399 NORP Chinese
I bought it in 2019 with a down payment 7.241 Jump to 51.079 DATE 2019
of 420 000 Yen or more than 60 000 US 7.441 Jump to 54.059 MONEY 420 000 Yen CARDINAL more than 60 000 GPE US
Dollars and then I had to pay 863 US 6 Jump to 58.32 CARDINAL 863 GPE US
past three years was 30 200 US dollars 8.041 Jump to 69.299 MONEY 30 200 US dollars
in total but only 5 800 US dollars of 6.18 Jump to 73.799
allowed to take one dollar from WeChat 5.341 Jump to 88.619 MONEY one dollar ORG WeChat
15 000 US dollars in fees I looked at 6.24 Jump to 93.96 MONEY 15 000 US dollars
off soon he said the appraisal was 184 7.039 Jump to 107.04 CARDINAL 184
000 US Dollars and then discounted by 20 6.481 Jump to 111.299 MONEY 000 US Dollars CARDINAL 20
I calculated that it was about 144 000 6.701 Jump to 114.079 MONEY about 144 000
the loan I still own the bank fifteen 5.76 Jump to 126.479 CARDINAL fifteen
thousand dollars with 29 6 Jump to 129.06 CARDINAL 29
000 in director monthly payments that 4.981 Jump to 132.239 CARDINAL 000 DATE monthly
fees I'll end up losing at least one 5.879 Jump to 137.22 CARDINAL at least one
hundred thousand US Dollars this woman 5.1 Jump to 140.04 MONEY hundred thousand US Dollars
Province four years ago for about three 4.86 Jump to 145.14 DATE four years ago CARDINAL about three
hundred thousand US dollars is forced to 5.599 Jump to 147.72 MONEY hundred thousand US dollars
that I had almost 190 000 US dollars 5.64 Jump to 162.959 MONEY almost 190 000 US dollars
left to pay after more than three years 4.259 Jump to 166.26 DATE more than three years
I paid back forty three thousand US 5.161 Jump to 168.599 MONEY forty three thousand GPE US
dollars of which more than 29 000 was 5.701 Jump to 170.519 CARDINAL more than 29 000
interest I was sued by the bank six 4.559 Jump to 173.76 CARDINAL six
up to 130 000 US dollars 4.64 Jump to 184.739 CARDINAL up to 130
money on homes most pay about 30 percent 5.4 Jump to 198.54 PERCENT about 30 percent
in China is 56.5 percent and the 5.101 Jump to 207.959 GPE China PERCENT 56.5 percent
debt with about twenty thousand US 4.44 Jump to 213.06 CARDINAL about twenty thousand GPE US
debt has reached 74 000 US dollars for 5.879 Jump to 217.5 MONEY 74 000 US dollars
example in a family of five the mortgage 4.14 Jump to 221.099 CARDINAL five
is basically on the two young people in 4.201 Jump to 223.379 CARDINAL two
account for 85 percent of the total 3.9 Jump to 230.64 PERCENT 85 percent
probably more than 150 000 US dollars 5.7 Jump to 236.28 CARDINAL more than 150 000 US dollars
for seven years of marriage my husband 4.621 Jump to 257.699 DATE seven years
for life everything happened in this six 5.4 Jump to 264.6 CARDINAL six
has dropped up from 5.78 to 3.9 we moved 6.06 Jump to 275.28 CARDINAL 5.78 CARDINAL 3.9
schooling I ended up with only four 5.28 Jump to 281.34 CARDINAL only four
weeks of schooling for one semester my 4.98 Jump to 283.74 DATE weeks CARDINAL one
treatment for two months tomorrow she 4.98 Jump to 290.88 DATE two months
but after one month I was laid off and 5.58 Jump to 295.86 DATE one month
but I still have a mortgage of over 140 5.76 Jump to 316.32 CARDINAL over 140
000 US Dollars that's Weighing on my 5.339 Jump to 319.8 MONEY 000 US Dollars
than 70 000 US dollars 4.5 Jump to 326.94
we bought this home in 2021 because we 4.56 Jump to 348.9 DATE 2021
point of housing prices among the three 4.861 Jump to 358.259 CARDINAL three
family no one has ever bought a home in 4.2 Jump to 363.12
the home is a old one the surrounding 4.019 Jump to 371.4
these three years now I am unemployed 6.18 Jump to 386.88 DATE these three years
the monthly mortgage payment of 1500 US 4.979 Jump to 393.06 DATE monthly CARDINAL 1500 GPE US
pressure of the fifteen hundred dollars 4.081 Jump to 398.039 MONEY the fifteen hundred dollars
a recovery in the first quarter real 4.38 Jump to 407.34 DATE the first quarter
but even contracted one of these factors 4.2 Jump to 427.38
for about 20 percent of the market share 4.801 Jump to 444.599 PERCENT about 20 percent
volumes since April 2023 with some 5.28 Jump to 451.139 DATE April 2023
7487 new homes were sold in April a 49 6.28 Jump to 464.66 DATE 7487 DATE April a
sharply to 606 000 units compared to 6.301 Jump to 475.319 CARDINAL 606 000
2021 it's a spike of 35.7 percent 5.46 Jump to 478.5 CARDINAL 2021 PERCENT 35.7 percent
to approximately 200 billion US dollars 4.741 Jump to 486.479 MONEY approximately 200 billion US dollars
China could exceed more than 10 million 4.919 Jump to 502.56 GPE China MONEY more than 10 million
by the end of 2023. housing is an 5.16 Jump to 504.539 DATE the end of 2023
even to the point of emptying six 4.38 Jump to 511.62 CARDINAL six
Pockets which include the pockets of two 4.32 Jump to 513.899 CARDINAL two
low some of which are 10 percent or even 4.44 Jump to 573.72 PERCENT 10 percent
zero but there is the protection of 4.02 Jump to 576.18 CARDINAL zero
two homes in hand and I have to pay off 4.56 Jump to 622.62 CARDINAL two
two mortgages the monthly payment for 5.881 Jump to 624.839 CARDINAL two DATE monthly
the first home is 720 US Dollars and the 6.48 Jump to 627.18 ORDINAL first MONEY 720 US Dollars
payment for the second home is 1900 US 6 Jump to 630.72 ORDINAL second DATE 1900 GPE US
Dollars which adds up to over 2 700 US 5.52 Jump to 633.66 CARDINAL 700 GPE US
and wanted to sell my first home then I 4.5 Jump to 639.18 ORDINAL first
bad even if you give an 80 percent or 5.219 Jump to 648.18 PERCENT 80 percent
seventy percent discount there's still 4.74 Jump to 651.18 PERCENT seventy percent
no one who's interested in buying it 5.401 Jump to 653.399
at a high risk of being trapped for 30 4.44 Jump to 668.1 CARDINAL 30
market I can only resign myself to 30 6.06 Jump to 675.12 CARDINAL 30
have to work for the bank for 30 years 5.28 Jump to 700.92 DATE 30 years
terrifying it's because nearly 40 4.08 Jump to 721.56 CARDINAL nearly 40
thought about one thing don't you need 3.72 Jump to 748.14 CARDINAL about one
the mortgage this is one of the reasons 3.54 Jump to 802.2
Banks bear little to zero risk not only 5.16 Jump to 818.16 CARDINAL little to zero
Panic one of the reasons is that they 3.959 Jump to 922.38
eight years and today he said that he 4.02 Jump to 945.24 DATE eight years DATE today
1.2 million U.N or 173 000 US dollars 7.38 Jump to 974.459 CARDINAL 1.2 million ORG U.N MONEY 173 000 US dollars
but the final sale was only 800 000 Yuan 7.021 Jump to 978.839 MONEY only 800 000 Yuan
or 115 000 US dollars to be honest I was 7.281 Jump to 981.839 MONEY 115 000 US dollars
has made me bankrupt this is my fourth 5.339 Jump to 993.12 ORDINAL fourth
the mortgage is over 1 million U.N or 6.18 Jump to 1013.88 ORG U.N
about 144 000 US Dollars I'm still 5.461 Jump to 1016.639 MONEY about 144 000 US Dollars
nearly 100 000 US dollars for the 4.439 Jump to 1024.62 MONEY nearly 100 000 US dollars
worked in the company for 13 years and 3.6 Jump to 1042.079 DATE 13 years
it went out of business in three months 4.5 Jump to 1044.059 DATE three months
enough money to repay two months of 3.599 Jump to 1052.82 DATE two months
nothing left I still have two children 4.201 Jump to 1056.419 CARDINAL two
I have almost 863 000 US dollars in 5.74 Jump to 1070.6 MONEY almost 863 000 US dollars
monthly mortgage payment of 4 300 US 5.76 Jump to 1076.34 DATE monthly MONEY 4 300 US
Dollars that's about 50 000 US dollars a 5.581 Jump to 1079.039 MONEY about 50 000 US dollars
April 2022 I still had nearly thirty 4.681 Jump to 1089.419 DATE April 2022 CARDINAL nearly thirty
thousand US Dollars on hand but because 3.901 Jump to 1092.059
of all these mortgages three months 3.959 Jump to 1094.1 DATE three months
two years before the epidemic started 3.92 Jump to 1106.34 DATE two years
one will buy it nobody would bother with 4.46 Jump to 1119
only 290 US dollars because of some 5.16 Jump to 1163.58 MONEY only 290 US dollars
there's a home costing 2 000 Yuan or 290 6.06 Jump to 1174.44 MONEY 2 000 Yuan CARDINAL 290
apartment for 1500 to 4 500 US dollars I 6.24 Jump to 1185.48 MONEY 1500 to 4 500 US dollars
bought one in xiaoxing jejung Province 5.58 Jump to 1189.08 CARDINAL one
one in tangshan Hobe Province three 5.04 Jump to 1191.72 CARDINAL one GPE Hobe Province CARDINAL three
apartments in Bao Ding and 12 apartments 4.92 Jump to 1194.66 PERSON Bao Ding CARDINAL 12
are on the first floor which I want to 4.38 Jump to 1215.299 ORDINAL first
for half a month now I bought eight 4.62 Jump to 1225.799 DATE half a month CARDINAL eight
homes for fifteen thousand US dollars I 4.2 Jump to 1227.66 MONEY fifteen thousand US dollars
in reality on April 25th 2023 the 5.52 Jump to 1238.94 DATE April 25th 2023