The slump in house building in China has driven half of the slowdown in the country’s economic growth since 2010 and is poised to weigh even more heavily in 2016, according to analysis by Standard Chartered.
The housing market is in even worse shape in Hong Kong, where residential property prices will fall by 10-20 per cent in the next two to three years, the emerging markets-focused bank forecasts, and Singapore, where prices are already falling and are likely to decline by a further 5-10 per cent.
“China’s volatile housing sector may be the single most important sector in the world economy at present,” says Enam Ahmed, senior economist, thematic research at Standard Chartered.
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