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    Home»Property»China’s middle class feels the squeeze as property slump hits pocketbooks
    Property

    China’s middle class feels the squeeze as property slump hits pocketbooks

    February 17, 20252 Mins Read


    China saw its lowest property income growth for over a decade as the real estate sector continued a protracted slump, a phenomenon that has reduced middle-class incomes and made consumption all the more important for the country’s economy.

    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.

    Net income from property – primarily rent, interest and dividends – is a crucial component of household income in economically developed regions. Negative growth in this metric suggests a considerable portion of the middle class is seeing their assets depreciate.

    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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