China's Housing Market in Flux as Government-Backed Firms Displace Debt-Burdened Developers
• China's private property developers are collapsing under debt burdens, with new home sales and revenues plummeting • State-owned firms are gaining market share as they have better access to funding and support • The state plans to dominate housing supply by 2030, spending trillions on "social housing" for low-income families • Local governments may become the largest buyers and landlords of housing stock • State dominance risks inefficiencies, poorer quality, and shaking the foundations of the private property market