Part 12/15:
As property prices fall and unemployment rises, more foreclosed homes—some of which are luxury or high-rise apartments—are now entering judicial auctions, often sold for a fraction of their original value. This ongoing process further depresses the market and erodes the notion of homeownership as a secure investment.
The Disappearance of the Middle Class and Social Consequences
The crisis is drastically altering China’s social fabric. The middle class, long seen as the backbone of economic stability, is shrinking rapidly. According to estimates, around 200 million people have left the middle class over recent years, driven by falling house prices, stagnant incomes, and mounting debt.