The Great Divergence: A Global Property Party vs. China's Silent Correction

全球房地产分化与中国房地产转型

Economist

2026-01-23

33 分钟
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单集文稿 ...

  • We're going to stand here right at the start of 2026 and look back over the last five years.

  • Specifically that really chaotic, fascinating window from 2021 to 2025.

  • It was a wild ride.

  • It really was because if you've been watching the global economy

  • or even just browsing real estate listings in your own town,

  • you might have noticed something weird.

  • Weird is a very polite way of putting it.

  • I'd probably go with disjointed or schizophrenic even.

  • We've been living on two completely different planets

  • that just happen to be in the same solar system.

  • That is exactly the feeling I got reading through the source material for this.

  • It's truly a tale of two worlds.

  • On one side you have an absolute global party of frenzy.

  • We're talking about real estate markets from Miami to Tokyo,

  • Ho Chi Minh City that have just exploded in value.

  • But then on the other side you have the world's second largest economy, China,

  • which has gone quiet.

  • And that silence is incredibly loud if you know what you're listening for.

  • So that's our mission today.

  • To unpack this global property divergence.