China's 48 Million Unbuilt Homes Threaten to Prolong Crisis.

According to a report from Bloomberg Intelligence, there are at least 48 million homes in China that have been sold before construction has been completed, indicating that the country's property crisis is likely to continue. This poses a direct threat to developers' revenue as people may choose to buy completed or second-hand housing instead of pre-sales of new developments. China's property sector is facing challenges such as a liquidity shortage for developers and a decline in new home residential sales. Additionally, there is a shortage of construction workers due to an aging demographic and a decline in younger workers. The report also highlights a shift in buyer preference, with existing-home sales surpassing new homes for the first time last year. [Extracted from the article]

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