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.

GUO YINGZHE and NIU MUJIANGQU, Caixin

January 17, 2023 12:45 JST

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.