The problems in China’s property sector are only getting worse. The latest data shows that prices for new properties saw their biggest month-on-month drop since 2015 in October, slipping down 0.2%. What’s more, fewer homes are being built than a year ago. Construction starts are down 7.7%. The Chinese property market has been shaken in recent months by the debt crisis at Evergrande, the country’s biggest developer. Other firms in the sector are also showing signs of financial insecurity.
And US president Joe Biden and China’s Xi Jinping have met in their first virtual summit amid various geopolitical and trade tensions between the countries. Ahead of the meeting, more than 20 US business groups called on the Biden administration to ease tariffs on Chinese exports to try and deal with rampant inflation.
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