INTERNATIONAL
China:
Powerful Force in Global Real Estate
Soaring granite peaks hovering over the clouds. Glit-
tering urban skylines with taxis weaving through bustling crowds. And let’s not forget about the vibrant hillsides in warm autumnal shades of red and orange, a result of mineral deposits and oxidization. These are some of the diverse characteristics of China, the third largest country in the world with virtually every landscape imaginable throughout its provinces. Named the world’s largest economy, China continues to grow and attracts millions of tourists each year. Although tourism has been steady in China, fewer foreigners are choosing China as their permanent home. A study conducted by UniGroup Relocation—a global relocation company helping families move for over 60 years—revealed that the amount of people moving out of China in 2014 has increased by twice as much when compared to those moving into the country.
Mass Relocation
There are a number of reasons for this. One extremely visible reason is the thick pollution that blankets many
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of the urban cities. Dubbed “airpocalypse” at times, air pollution in cities such as Beijing have deterred residents from venturing outside. Some primary schools have resorted to building clean air domes for students to attend classes. But as China adopts cleaner energy sources, air quality has slowly improved. The country continues to invest heavily in renewable energy each year. Another reason for the heavy influx of people vacating the country is due to the housing market which has consistently declined. Home prices in China have declined by almost a year’s worth of consecutive months. Although some cities did encounter an increase in prices, there was a 6.1 percent drop in 70 of China’s major cities for April 2015. The decline in housing has hindered the country’s overall economy as many industries such as construction and steel are linked to the real estate sector. But what has caused the decline in housing?