The coronavirus outbreak is delivering a painful blow to China’s $43tn property market as developers close sales centres and potential homebuyers delay the search for new flats.
The impact of the crisis on China’s property market, which some estimate makes up 25 per cent of gross domestic product, is threatening to weigh down the country’s economic growth to 4 per cent in the first quarter, according to several analysts.
That would bring the growth rate close to the full-year low of 3.9 per cent experienced in 1990, in the wake of the Tiananmen Square massacre.
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