China’s Real Estate Collapse: Steel, Cement, Furniture, Banks Fall One By One, 70 Million Lose Jobs
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China’s real estate industry supports more than 50 related sectors, including steel, cement, home appliances, furniture, building materials, renovation, finance, and logistics. At its peak, real estate and construction made up a significant part of the economy. In 2024, they accounted for about 13% of GDP combined and supported more than 70 million jobs.
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