China’s high-end rental market struggles post-Covid amid dwindling expats, firms
China's high-end property market is still struggling with falling rents more than two years after the pandemic lockdowns triggered an exodus of international businesses and expatriates. In Beijing's central business district, average rents have declined by as much as 17% year-on-year in February, while Shanghai's financial hub Lujiazui saw rents fall by 8%, and areas near Jingan Temple tumbled 13% last month. The average rent in Beijing has dropped by 11% and Shanghai by 13% since before the pandemic.
The decline in rents is attributed to the large-scale departure of people following the pandemic lockdowns. Analysts warn that this downturn could persist for some time amid declining home prices. The data comes from Beike, a real estate services provider owned by KE Holdings, and Centaline Property, highlighting the continued impact of the pandemic on China's property market.
via SCMP Full Text Feed
China's high-end property market is still struggling with falling rents more than two years after the pandemic lockdowns triggered an exodus of international businesses and expatriates. In Beijing's central business district, average rents have declined by as much as 17% year-on-year in February, while Shanghai's financial hub Lujiazui saw rents fall by 8%, and areas near Jingan Temple tumbled 13% last month. The average rent in Beijing has dropped by 11% and Shanghai by 13% since before the pandemic.
The decline in rents is attributed to the large-scale departure of people following the pandemic lockdowns. Analysts warn that this downturn could persist for some time amid declining home prices. The data comes from Beike, a real estate services provider owned by KE Holdings, and Centaline Property, highlighting the continued impact of the pandemic on China's property market.
via SCMP Full Text Feed
