Posted 12/31/2023, 2:00:22 AM
Homebuyers Snap Up Discounted Foreclosed Homes in China As Investors Retreat
- Ordinary homebuyers increasingly buying foreclosed homes in China as investors retreat, attracted by heavy discounts
- Supply of foreclosed homes surging, with almost 250,000 put up for sale in November 2022
- Prices of foreclosed homes falling, with discounts up to 30% compared to regular homes
- Investors accounted for 70% of past foreclosed home purchases, now down to 20% as market uncertain
- Requirement for Shanghai household registration imposed in 2022 forced many investors out of the foreclosed property market