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China resumed only 21% of stalled housing projects in 2022: survey

Findings show recent credit crunch still hurting confidence in property market

A construction site in Beijing on Jan. 12, 2023. Policymakers and local governments have pledged to resume stalled construction as soon as possible.

China launched multiple initiatives in 2022 to kick-start idling property developments and lift their developers from a funding drought, but at the end of the year only 21% of the country's stalled projects had fully resumed construction, according to a recent survey.

The figure is a sign of the challenges that began with an industrywide credit crunch two years ago and which continue to hinder debt-laden developers and local governments in 2023 as they attempt to restore confidence in the real estate market.

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