“The reason Yuexiu came to the north to gain land is that many private developers have collapsed,” says sales representative, adding that regulations limit land purchases by private developers. “The cost of obtaining lands is relatively high for them,” she says, adding that the process is “directed by the government.”

At the state’s second fragrance, the state -backed, where marketing materials make a lot of imperial ties in the region, 50 out of 90 apartments (China, new properties are usually bought outside the plan, before their completion). They go to 121,000 yuan ($ 17,000) per square meter, similar to prices in Manhattan.

High prices were such a great concern for policy makers in 2020 when they tried to curb the real estate market. That year, Beijing is borrowing by developers based on public budget standards as part of a policy known as “the three red lines”.

Since many private developers have borrowed heavily on international markets through Hong Kong, subsequent cash flow pressures appeared in the failure to pay them on marine bonds. With the intensification of the monetary crisis, the main righteous market is steeped with severe and incomplete construction delayed delays Housing projects.

As a result, the role of developers in the sale of new homes has decreased significantly. In a report based on data from 50 developers, Consultance Group Capital Economics estimated that developers owned by the private sector have historically formed two thirds of sales in new homes, but in 2023, their share has already decreased to less than half. By the end of 2024, the percentage decreased to about 30 percent, partly because Evergrande stopped publishing Sales data.

“The shift towards the state will be more clear in the land market,” says Julian Evans Brothard, head of China Economics, adding that “the shift towards the state will be more clear in the land market.” “.

“It is clear that there are advantages of financial stability for its existence [state-owned enterprises] Play a larger role, ” He added.

Chang says, partly because they want to confirm that the projects will be completed. “This is just a course to move forward,” He adds.

State control

Despite the liberalization of the housing market in China in the 1990s, it maintains the elements of the state’s control of the previous era. Lands are rented from the government, and is sometimes owned by developers from the private sector – which in many cases have close links to the local authorities – partially, which are reflected in FT analysis through the “mixed” third developer.

The state -backed companies also form a part of a transparent government machine that can be directed towards any number of initiatives. In recent years, policy makers have revealed a set of measures to support the housing market, including the purchase of full but unnoticed apartments that can be used in the end. Social housing.

there We are also Widely Signs to local state Banks and government authorities Intervention to Help End up the delay Projects to to fail private Developers. the troubled Senzen mixed Developer Craving. the Delay a company to Come under the The lights, opinion new administration Parachute in from the State -owned Chentan Metro, that it Elderly Share, last month. this He has Add to Expectations Which – which there will He is more direct government Support to Avoid A shortening.

Other measures are more accurate. Zhang says in Morningstar.