The boom kicked off in 1998 when the government first allowed households to buy and sell apartments. Fast-forward 25 years and things have turned upside down.
China’s booming property market underpinned the country’s economic miracle for decades.
Cranes were common fixtures on the skylines of the country’s megacities and new blocks of skyscrapers appeared every week. Homebuyers crammed into showrooms to snap up high-rise apartment blocks off the plan, attracted by the certainty of soaring valuations. After securing their own homes, many became rich off investments in their second and third apartments.
Michael SmithHealth editorMichael Smith is the health editor for The Australian Financial Review. He is based in Sydney. Connect with Michael on Twitter. Email Michael at michael.smith@afr.com
