China’s bursting housing bubble to rock the economy for a long time

BEIJING: The wave of stimulus aimed at reviving China’s housing market – billions in bank loans, interest rate cuts and support for developers – has done little to help Echo sell her home near Shanghai.

The media worker has received only four nibbles from potential buyers in six months, and is considering a 10% cut to her asking price of 3.3 million yuan (RM2.16mil). She thinks this stagnant housing market, the worst in China’s modern history, will drag on for years.