China’s hard-pressed property developers are responding to a housing market downturn by parking their bulldozers and turning to a variety of new businesses ranging from hog farming to solar panels to online shopping.
Their search for fresh ideas mirrors Beijing’s efforts to pivot the Chinese economy away from investment- and construction-led growth towards consumer spending and services.
The ultimate aim for developers, says Wee Liat Lee at BNP Paribas, is to “build an ecosystem” that can generate sustainable revenue.
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