China Homebuyers Flock to 1970s-80s Soviet-Style Flats as 5-Year Property Slump Limits Revival
Updated
Updated · Bloomberg · Jul 8
China Homebuyers Flock to 1970s-80s Soviet-Style Flats as 5-Year Property Slump Limits Revival
2 articles · Updated · Bloomberg · Jul 8
Summary
Five years into China’s housing downturn, buyers in major cities are returning mainly to laopoxiao—small, aging apartments built during the 1970s and 1980s.
That demand is bypassing newly built projects, signaling that any recovery is concentrated in cheaper resale homes rather than the new apartments developers need to clear inventory.
Laopoxiao, literally meaning old, shabby and small, often come with poor insulation and outdated plumbing, underscoring how price and practicality are outweighing quality in the current market.
The shift highlights the limits of China’s property revival: transaction activity is reappearing, but confidence in the broader new-home market remains weak.