China: sale price of residential real estate of major cities | Statista (2024)

FAQs

What is the value of the residential real estate market in China? ›

The Residential Real Estate market market in China is expected to reach a staggering value of US$117.40tn in 2024. Furthermore, it is projected to exhibit a steady annual growth rate (CAGR 2024-2028) of 3.13%, leading to a substantial market volume of US$132.80tn by 2028.

Unaffordable in major urban centers

In comparison to household income, property prices in major cities, most notably Shanghai, Beijing, Guangzhou, and Shenzhen, are extraordinarily expensive for average citizens. Soaring housing prices have also led to a rapid division of wealth between homeowners and renters.

While Chinese ownership of U.S. land has been a hot topic among lawmakers — even becoming the center of a Montana Senate race this year — China only had a stake in 383,935 acres of U.S. land as of 2021, which is less than 1% of all foreign-held land.

According to the paper, the sudden and large Chinese investment in California real estate in 2008 was tied to: a) the loosening of Chinese “capital controls” that restrict how much money citizens can move out of the country, and b) the introduction of a series of domestic housing purchase restrictions, which were aimed ...

At the end of 2019, real estate accounted for 43% of total household assets in China, almost twice the share for U.S. households. At over 33 trillion USD in value, real estate is the single largest component of the Chinese household balance sheet.

The average price of a new house in China increased 4.1 per cent on an annual basis to 10,588 yuan (US$1533) per square metre in the first two months of 2023, the first rise in 11 months, according to data released by the National Bureau of Statistics of China on Wednesday.

Shenzhen, a city in southeastern China, is one of the billionaire capitals of the world. The city is home to some of China's wealthiest people, many of whom founded massive tech companies. But there's also a dark side: Most residents cannot afford to buy a house in Shenzhen.

Hangzhou named 'China's most livable city' for 2023.

The United States pays interest on approximately $850 billion in debt held by the People's Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.

According to the U.S. Department of Agriculture's (USDA) latest report on foreign ownership of American land, from 2021, 146 Chinese investors held 383,935 acres—nearly double the 193,700 acres that comprise New York City.

How many acres does China own in the United States? ›

China owns 384,000 acres of American agricultural land. That's a 30% increase just since 2019. And on top of that, they own land near an air force base in North Dakota.

The United States does not own any land in China. However, the US does have a diplomatic presence in China through the US Embassy in Beijing and various consulates in other cities. These diplomatic properties are not owned by the US, but rather leased from the Chinese government.

Yes, China does allow foreigners to buy property. But there are a few requirements you'll need to meet as a US citizen venturing into the Chinese property market. These are the country-wide rules, but there may also be other requirements depending on which region you're looking to buy in.

It's actually Canada, which accounts for 32%, or 14.2 million acres. Rounding out the top five are the Netherlands at 12%, Italy at 6%, the United Kingdom at 6% and Germany at 5%.

History. As of 2010, China's real estate market is the largest in the world. According to Bloomberg Economics estimates, the sector contributed to about 20% of China's GDP in 2023, down from a peak of 24% in 2018. As of 2023, real property accounts for 60% of Chinese household assets.

China's real estate sector was once 25% to 30% of the country's GDP, and "there's not really any sector that can fill in that gap." Sluggish Chinese imports from Western nations are only a part of what's behind the economy's weakness.

In the third quarter of 2023, the value of real estate housing mortgages in China was over 40 trillion yuan. Within two years, the value had increased by around six trillion yuan. Despite being aware of the risks entailed in an inflated market, Chinese policymakers found it difficult to reign in the real estate market.

In China, land is mostly owned by the state. The government can sell the rights to use the land to property developers, which is a significant source of fiscal revenue. The PBOC also made major additional moves to rescue the housing market.