Defects of Sustainable Development of Chinese Real Estate Economy

Abstract

China's real estate economy is affected by many factors, such as urban-rural dual structure, high-quality education and pension resources bound to real estate, Chinese cultural background, and industrialization driven by urbanization. In recent years, the real estate industry has made an important contribution to China's economic development. The urbanization rate has reached a record high and the per capita living space has continued to increase. However, the rapid rise in housing prices brings many challenges, including rental returns, rental growth space, vacancy rates, etc. China's real estate market is affected by a variety of factors, such as land finance, the proportion of land auction revenue to GDP, the national general public budget revenue and expenditure, and the debt ratio of local governments. In addition, falling birth rates, an aging population, slowing economic growth, the impact of the pandemic, falling per capita income and rising unemployment are all having an impact on the property market. The sustainable development of Chinese real estate economy faces many challenges and defects.