China’s middle class feels the squeeze as property slump hits pocketbooks
China's property income growth hit a decade low, increasing only 2.2% year-on-year in 2023, the lowest rate since 2014. This decline is impacting middle-class incomes, as property income, a crucial component of household income in developed regions, sees depreciation in asset value.
The slowdown in property income growth, primarily from rent, interest, and dividends, reflects the ongoing slump in China's real estate sector. For example, Beijing experienced a third consecutive year of decline in per-capita net income from properties, falling 0.6% to 12,205 yuan. This is largely due to decreasing rents, with a 3.3% average year-on-year decrease across 50 Chinese cities in December, and a steeper 5.4% drop in Beijing.
via SCMP Full Text Feed
China's property income growth hit a decade low, increasing only 2.2% year-on-year in 2023, the lowest rate since 2014. This decline is impacting middle-class incomes, as property income, a crucial component of household income in developed regions, sees depreciation in asset value.
The slowdown in property income growth, primarily from rent, interest, and dividends, reflects the ongoing slump in China's real estate sector. For example, Beijing experienced a third consecutive year of decline in per-capita net income from properties, falling 0.6% to 12,205 yuan. This is largely due to decreasing rents, with a 3.3% average year-on-year decrease across 50 Chinese cities in December, and a steeper 5.4% drop in Beijing.
via SCMP Full Text Feed
