Finance & economics | The Chinese economy

China’s Ponzi-like property market is eroding faith in the government

Its meltdown could scarcely come at a worse time for Xi Jinping

|Shanghai

The 120km train ride between the cities of Luoyang and Zhengzhou is a showcase of economic malaise and broken dreams. From the window, endless half-built residential towers pass one after another for the duration of the hour-long journey. Many of the buildings are near completion; some are finished and have become homes. But many more are skeletons where construction ceased long ago. Developers have run out of cash and can no longer pay workers. Projects have stalled. Families will never get their homes.

This article appeared in the Finance & economics section of the print edition under the headline "Groaning"

Getting the job done: How Ukraine can win

From the September 17th 2022 edition

Discover stories from this section and more in the list of contents

Explore the edition

More from Finance & economics

How Ukrainians are using the cover of war to escape taxes

“Black grain” infuriates exporters playing by the rules

What campus protesters get wrong about divestment

Will withdrawing money hurt Israel?


Hedge funds make billions as India’s options market goes ballistic

The country’s retail investors are doing less well