Developers in China that focus on 2nd and 3rd tier cities are doing very poorly right now. The problem is that property became a speculative investment and an inflation hedge, but true demand has yet to materialize. The people who need housing can't afford these apartments, those that can afford them don't need to live there. Ugh.
Yeah they need the property tax real bad so at least investors will be incentivized to rent out their property instead of keeping their apartments vacant.
