China is facing an economic crisis after a real estate boom ended with a bang last year, according to investor George Soros.
The billionaire said in a speech at Stanford University’s Hoover Institution Monday that President Xi Jinping may not be able to restore confidence in the troubled industry, which has been hit by a series of defaults by developers and falling prices for land and apartments.
China’s real estate boom was based on an “unsustainable” model that benefited local governments and encouraged people to invest the bulk of their savings in property, Soros said.
Opinion💭by Jessica Mao
With #China’s sharp economic slowdown, #SouthKorea worries that its export industry—including steel, semiconductors, and other major industries that rely heavily on the Chinese market—will suffer a huge setback. https://t.co/z7KJLoGpLK
— Epoch Times Opinion (@EpochOpinion) January 29, 2022