JFIF ,, rPhotoshop 3.0 8BIM V
1 FIN POL CSP ( >Not Released (NR) TO GO WITH China-economy-housing, PHOTOESSAY s AFP
1543007982 bestofcrisi#U1m- topix
Horizontal construction urban-planning i CHINA-ECONOMY-HOUSING 7 20230704 n AFP via Getty Images e China d CHN t AFP or licensors Z Hegang I xThis photo taken on July 4, 2023 shows people relaxing by a lake near residential buildings in Hegang city in northeastern China's Heilongjiang province. China's real estate industry grew at lightning speed from the late 90s, and was a major component of the country's turbocharged economic expansion. But with growth slowing and debts swelling, authorities cut off access to easy loans in 2020, pummelling the sector and causing a record-breaking slump last year.
A wave of young Chinese are choosing to invest in dirt-cheap real estate in declining and remote industrial regions, ditching China's modern, expensive metropolises. (Photo by Jade GAO / AFP) / TO GO WITH China-economy-housing, PHOTOESSAY (Photo by JADE GAO/AFP via Getty Images) U Contributor P JADE GAO\Exif II* | ( 1 2 ; i % This photo taken on July 4, 2023 shows people relaxing by a lake near residential buildings in Hegang city in northeastern China's Heilongjiang province. China's real estate industry grew at lightning speed from the late 90s, and was a major component of the country's turbocharged economic expansion. But with growth slowing and debts swelling, authorities cut off access to easy loans in 2020, pummelling the sector and causing a record-breaking slump last year.
A wave of young Chinese are choosing to invest in dirt-cheap real estate in declining and remote industrial regions, ditching China's modern, expensive metropolises. (Photo by Jade GAO / AFP) / TO GO WITH China-economy-housing, PHOTOESSAY NIKON CORPORATION NIKON Z 6_2 , , g2mapping 3.9.17/libg2 3.9.41 2023:07:20 02:08:59 JADE GAO AFP or licensors 0232 0100 R 1 2023:07:04 18:59:49 2023:07:20 02:00:47 +00:00 +08:00 +00:00 6023015 N $ E < / 0 chttp://ns.adobe.com/xap/1.0/ CSP POL FIN 1543007982 urban-planning construction Horizontal topix bestof JADE GAO This photo taken on July 4, 2023 shows people relaxing by a lake near residential buildings in Hegang city in northeastern China's Heilongjiang province. China's real estate industry grew at lightning speed from the late 90s, and was a major component of the country's turbocharged economic expansion. But with growth slowing and debts swelling, authorities cut off access to easy loans in 2020, pummelling the sector and causing a record-breaking slump last year.
A wave of young Chinese are choosing to invest in dirt-cheap real estate in declining and remote industrial regions, ditching China's modern, expensive metropolises. (Photo by Jade GAO / AFP) / TO GO WITH China-economy-housing, PHOTOESSAY (Photo by JADE GAO/AFP via Getty Images) C
, 6') ,@9DC?9>=GPfWGKaM=>YyZaimrsrEU}|ofprn C4 4nI>Innnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn " F
!1AQ"aq2#35BrRbs$%Cc4S !1A ? 2 Ӏk8WiR{Ive
e¨bx{ qK 3-e '{U~ S8z$w*Lqf+mn!T!*͡*M_>BcE+24IATR*TEJ*Rۜzv8R1Hu-y* QPwRRmnkq. jRJTR*TEJ*RJWiR4TTFRIPa,75`Vf/n KL Q ֥g7A UF.[S*Xs(MR3EmJu:l̐VTV
*U MTGi̵vh UbVEdD}G 0?l@L 鱣>*T%J?xq-҅l#CaKk=R҄'4Ow٬Α^a%jq)&0qjA ە_\Sm]# ' 5OaNjWKbB BImL(Ӣ #@+[Y&>[VRR*T' :Xy[i]XHYLT8>p\in)Irƃ_ntV BaDܢ ] u s(t5
ڷJx84y,4VVRV
hпBtȣ5s֊(%JF[4_ZPTRIJOH0sALƉ48Kê_R[)&GԆZS( k 7up+Z,(c<& nrd
Q3:R\π!-u r
Ϣ''A9DG *c*(j *c(ejNI"PfV*Oi=Rg_m\ >R.'DlxT@~}ޑFE/BFyEDgmtҸtMC]6 խwsѫ* snUxTkJ*ZO5L:mxїD~yoE]JCǸTtRJM X" zv*W !ܼG*%K@
/V8dJZFz-r}k̝T.r'.ߨ5}BJ@/Vm=ռ|"9Efñᔤ(&Ơ_lap!מ[b L
gG}xR[qa* i'S3Q^ցHR ,mrXgW;p @ PN}uf4%Su=e[hKJG2bb
k)$DzhMSe*}ιd@$Ƕı7.TN{h`̂7X P% ؓʰQrZe ou9wo99R3pFW -p+JIT#0q 8bn;'CE@ h|jT#(m"Fj}VS)0N
6_f%~@̰Iugyx%C(Fm@6=X"i HQS;s$U^\0^ZA&>U0RJUhI; W6l#2
%J`v3 LD2 vLj.Mmr-BC Y%q!<ʛ<ܟ^3c藬AʴO{f r'd7v%ČSS+R4
gj"QY
ĺ
D텚
u;p4_=[hP ghU>Q"ʮT)>AV
K17א$c|D$&lGnL$1 jy*%$j Dմ6Xg譜BcS"f 7f# >\SXxP)Q#~\0tkMc[x9O=YT<$iNj["A~3UHP*Pm@m UwzPdQΜT3 -e@Z5
nm˹V-3"546Y:j\
q\+SI -WgaHp J)B%@U_V&O5V" H3R!I1M RD*5:RY JNjBR ʝt!\Tl<{+9]j *:δMn#9w.,%9@M4CShh+ [(xŽ +Jښs@
SV"cS1'ISɜ¸g[T(8w( #zM!jNUN*>oh$n=tDZթH0#X
AJY
L$P
kXVۿrւPΐn͛8fߎVyu}f^=QSY֣VC {+aw9 tA0
5ᮦ%Pz'$i}!n*UHvZ㮹֩-~t(REt9w/ko<ƕ oROv$nA \:֛6SJLe%&xJm⤒Zͧ9(rNU$/Z+ydV]UGo]jw4g1Uk5i^ZjS}oTYOdLMte^ jo[ ~u@
Z%դ10$5%%8xQRQQ'9WPPO ¨1=cfli;zPW_`>)Q: N %}aN :'Q>TL']u fB[r #v^\yHЍ?K.6Fg2I ]Z g:@0LG}mZjB $6bT4{1d?#J
jStV1 xe P9JiLfճ܀ qe;+ϒ JG|=9tm6r.I_URAНZP]amRTVFc>h$8Rxhق)HI
^!|VG *4VºUZ)BAĐDNKe@ִ4-mM
f 9Ԡxs
~I)V`$ȈVX #Zm {Z{xB*nJJ*&$e $nV]XT}|kЯKBn[
5";=Z$: `q7Q]axJBFaG©V $E Üx ҥ
fKFk<*glT.k!3ݕA|T@ $`h<* "k?4=v[9{]Յa7m8ݥ ;|w`
`e;ne6i
AOF eD0GR?
)x,e߮FϘ|U? HY_her6K. 2I<7Sfa(NÆ*Xy`pe*) f|M֮_ m$pܶJH
4fEÛTY RZI7/6
BDp4וj |1 毕ab0eǐ{*JAOƤGG pJV?% ]i?cZ6% bix/m#]U\5bN2t) H< -{DGޚpkI
ֱ. @&mޞ %$?Q Jkoy
o,LrHҮہ@Dj5FݛVN\Q'S&Eg!I&Aqp.t!)5qVWȎ}bLt)쑉 QUuZ ,.KJ_dLLw v4.@J tf;p$AF6vQCh9sG+𫎵
`N텵œZМaBu7ڌ B_
aB|{8ѫ\) 4Ω"K "#YQB@0`NqA+@@O=La7+K=3i+ukm/V@4|uLjPwV%6톇Ѭ* Օ_- ղX uPzvȸѨi(&&eGu&$2@̼ 4vڶ#4.mrޒWtZ
Iw5x#2JF~_<-4u~uEWm1wf۠) ΛUc(zƦuU WA,>w}zSzV V-d]Ih&/aMD u(x^J$x
q2,u`VT7S}KwwvRJT̮A%Z afD@Jjā80 K?j Ikmjh%31\=l[vNiy#G V&p{vӐ`(϶DۖvMIwёY D;Qԩc*Ӂ
]Wc?{,LLuI R
SJ+$e
BV.a}otrH Mg{0Z\P/H)QήP35p4e @5
G.s\>tÅg2sO:y>lʬ3I;.)D
.]Je; _j H+Ki3=zs)P)&Fz64NM:8FSYÄ!2-V2ڂ1yYJes?u'XD>gsVնf\Uha%5_. ԦZgUmİADJ2꽕m_ \g&nନ'*SՌiFVc$fSy@@"4ܦ]7Ӗ ,2@f?M?#T%mkׅC@ =BCH6Cl#WmMHNR?*{i@.ߜGɖRڇhNiIr@#a*] ҠxmM؆BGKV*22U7HK,*9MS^
*F(j}Nmqޭ}fHIׁֆ0ֆ k.Z
^\@E=_>/zMcrmA1+IUfbnvnQ~ **[ L T,3:uK-fM"-WSeyhP^+Hȁ4naRh'&axPNgiSu&ܣ"T$Jo5 K,5(Lϯzkg_<V^їPR*{[.+2 Ny==2Y@J R@"6C%Dc nsC$VmAӅGԠ% $ (}]Ԥ([?H
]4uB NtBm$e'ZahT'4ivG^^;z/%'CFIλq, *$kRmENj4 oE輙J v!KmAH0F*RA3\'*_ ƳLr!^*ITW8RA)#B)dS {F[fnp*AYҭ'oaښʻr=