China is dealing with a big problem in its property market. Major developers are struggling with debt, leaving many homes unfinished. While aiming to provide housing for everyone, China plans to bring in strong policies in 2024 to solve this housing crisis.

Despite having high home ownership rates—over 90% in cities and even more in the countryside—China faces difficulties due to its mobile population. Around 300 million workers live far from their hometowns, with over 60% renting homes on low monthly earnings. Rising home prices make it hard for city dwellers to buy properties, leading to worries, especially among younger people. These concerns contribute to bigger issues such as fewer babies being born and more young people struggling to find jobs. The government’s plan in August stressed a new way to develop the property market, focusing on making homes affordable. The property crisis is a chance for the government to step in. Many big developers can’t pay their debts, leaving around 20 million homes unfinished nationwide. Local governments usually depend on money from selling land, but now they can buy unfinished projects at lower prices. Even though the government is committed to helping, challenges continue as banks face more property risks and the government gets more involved in real estate. Still, their aim to create an ideal society, as envisioned by President Xi Jinping, remains their main goal, despite the risks.