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China's property market woes are not over yet

Home sales will not rebound until consumers are freed from zero-COVID worries

| China
Homebuyers visit a real estate sales office in Huai'an, China on Nov. 23: Diminished personal incomes have been weighing heavily on demand.   © VCG/Getty Images

Xia Le is chief Asia economist for BBVA Research in Hong Kong.

Chinese real estate stocks have soared over the past month, a dramatic change after almost three years of declines. The shift follows a barrage of announcements from Beijing signaling the end of a long campaign to bring the property sector to heel.

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