Posted 12/18/2023, 12:47:00 AM
China's Middle Class Wealth Eroded Amid Housing and Stock Slumps
- China's middle class suffering huge losses in wealth due to real estate meltdown and stock market declines
- Home prices down 15% in major cities, wiping out trillions in housing wealth that makes up 70% of family assets
- Stock investments down 30%; salaries down 30%; investment properties down 20%
- Net worth per adult fell in 2022 for the first time since 2000
- Middle class shifting assets to stability and liquidity out of fear of job losses, investing conservatively in money markets over stocks