@BeijingDai These clueless Western 'idiots' are always on the look out for any sort of bad news from China such that they can feel good about their own bad situation. A sign of extreme inferiority complex?
This is clearly the rambling of some clueless Western idiot. The apartment I live in Beijing cost about 5,000 RMB per square meter in 2005, peaked at around 90,000 RMB in 2020, and is now about 70,000 RMB — nowhere close to falling back to the 2005 price of 5,000 RMB. The national trend for housing prices is similar, though some areas have seen greater declines.
From another perspective, despite such a massive drop in real estate prices over the past five years, China has still maintained a GDP growth rate of around 5%, which is completely different from Japan’s situation in the 1990s.