Part 3/6:
The ramifications of these challenges resonate throughout China's middle class, as property income constitutes a substantial portion of household earnings. The decline in property income suggests asset depreciation for many homeowners, which raises broader concerns about economic stability. In tandem with the decline in property income, consumer confidence has also taken a hit. The consumer confidence index plummeted from 121.5 in January 2022 to 86.4 by December 2024, reflecting a pronounced weakening in consumer sentiment.