Number of foreclosed properties in China rose nearly 20% in first half – research
DATA REAL ESTATE
Number of foreclosed properties in China rose nearly 20% in first half – research
DATA REAL ESTATE

Number of foreclosed properties in China rose nearly 20% in first half – research

 

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The number of foreclosed properties in China increased by almost 20% in the first half from a year ago due to the build-up of cases during the pandemic and because owners failed to pay mortgages due to falling incomes, according to China Index Academy, a major real estate research firm. 

Some 304,000 foreclosed properties, including 179,000 homes were put up for auction in the first six months, showed the data. 

The biggest increase was seen in central China, with foreclosures in Henan province surging over 63%, while that in Sichuan province rose 51%. Other hotspots were Guangdong and Jiangsu provinces, as well as Chongqing city.