Per-capita net property income was 3,435 yuan (US$473.5) last year, a year-on-year increase of 2.2 per cent – the lowest growth rate observed since 2014.
Official figures reveal a downward slide in growth since 2019, with 2021 and its 10.2 per cent growth the sole exception.
In Beijing, for example, per-capita net income from properties in 2024 decreased for its third consecutive year. The figure fell by 0.6 per cent from the previous year to 12,205 yuan, more than one-fifth of the city’s per-capita wages.
The decline can be primarily attributed to rent decreases. In December, the average rent in a selection of 50 Chinese cities experienced a 3.3 per cent year-on-year decrease, according to data from real estate research institution China Index Academy. Beijing saw a 5.4 per cent drop.
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A vanishing fairyland dream: how China Evergrande rose, then crashed
A vanishing fairyland dream: how China Evergrande rose, then crashed