China's Property Market Woes to Persist in 2024, Weighing on Economic Growth
• Sustained property woes will continue to drag down China's economy in 2024, with buyers hesitant and developers cash-strapped • 20 million presold but undelivered homes, mostly in lower-tier cities, create a negative feedback loop hampering recovery • Stimulus measures have failed to prevent sluggish sales and falling prices in the property market • Investment boom in new energy and pent-up demand in services may also slow due to overcapacity, trade barriers, and fading low base • Weakening global economy limits room for exports and foreign investment but gives Beijing space for more fiscal spending