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China’s broken housing market and a generation ‘lying flat’

China’s broken housing market and a generation ‘lying flat’

While wallets were open at last weekend’s national Dragon Boat Festival, Chinese consumers are still not spending enough to get the economy out of its housing hole.

Jessica SierNorth Asia correspondent

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One thousand drones took to the skies above Hong Kong harbour this week to celebrate the start of the Dragon Boat Festival, a spirited holiday commemorating the poet Qu Yuan, that dominates the waterways of China’s reclaimed financial city.

On the mainland, too, an estimated 110 million domestic tourists descended on coastal centres such as Foshan City and Yueyang City over the three-day break to eat, party and take in the spectacle of thousands of wooden boat races.

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Jessica Sier
Jessica SierNorth Asia correspondentJessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com

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Original URL: https://www.afr.com/world/asia/china-s-broken-housing-market-and-a-generation-lying-flat-20240612-p5jl49