China’s Property Crisis: From Evergrande Collapse to Beijing’s Latest Measures

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world

Once one of the country’s biggest growth drivers, China’s property market has been in a downward spiral for five years. Real estate values continue to plummet, households in financial distress are being forced to sell properties, and apartment developers that racked up enormous debt on speculative projects are on the brink of collapse.

There was some optimism that government measures to end the crisis had been working to reinvigorate the market, but government-linked developer China Vanke Co. reported a record 89 billion yuan ($13 billion) annual loss last year, bringing the company’s combined loss in the past two fiscal years to more than 130 billion yuan and showing just how deep the problems run. That’s after the nation’s property sector hit a grim milestone in August 2025 when property giant China Evergrande Group delisted from the Hong Kong stock exchange, making the shares effectively worthless.