Chinese property surges downwards

Tuesday 17 June 2025

It’s the bust that keeps on giving. Sales volumes were flat year on year.

But that’s the end of the good news. Starts are still in free fall, down nearly 80% from peak.

And there is still more empty, idle, half-built and unsold stock than you can poke an entire country at, about one-third from the top.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.