section_path: Sectors/Housing and construction
section_name: Housing and construction
paragraph_text: Housing and construction
  
  In 2010, China became the world's largest market for construction.: 112 It has remained the world's largest through at least 2024.: 112
  
  The real estate industry is about 20% of the Chinese economy. As of 2023, real property accounts for 60% of Chinese household assets.: 161 Also as of 2023, China has the highest rate of home ownership in the world.: 170 90% of urban households own their home.: 170
  
  Compared to other nations, investing in stock markets and other assets is harder due to currency controls within the country. As a result, many Chinese citizens own multiple properties, as they are one of the few ways in which it is comparatively easy to grow and preserve wealth. Due to this, many economists have speculated about a property bubble within the Chinese economy. On 16 July 2020, the Wall Street Journal reported that the housing market within the Chinese economy had grown to US$52 trillion, eclipsing the US 2008 housing market before the 2008 financial crisis.
  
  Despite the possibility of a housing bubble, many people still choose to invest their assets in real estate market. On 19 December 2021, according to a report by McKinsey Global Institute, China's net worth reached $120 trillion in 2020 to overtake the U.S.'s $89 trillion as a red-hot real estate market drove up property value.
  
  In 2010, China became the world's largest market for construction.: 112 It has remained the world's largest through at least 2024.: 112
  
  The real estate industry is about 20% of the Chinese economy. As of 2023, real property accounts for 60% of Chinese household assets.: 161 Also as of 2023, China has the highest rate of home ownership in the world.: 170 90% of urban households own their home.: 170
  
  Compared to other nations, investing in stock markets and other assets is harder due to currency controls within the country. As a result, many Chinese citizens own multiple properties, as they are one of the few ways in which it is comparatively easy to grow and preserve wealth. Due to this, many economists have speculated about a property bubble within the Chinese economy. On 16 July 2020, the Wall Street Journal reported that the housing market within the Chinese economy had grown to US$52 trillion, eclipsing the US 2008 housing market before the 2008 financial crisis.
  
  Despite the possibility of a housing bubble, many people still choose to invest their assets in real estate market. On 19 December 2021, according to a report by McKinsey Global Institute, China's net worth reached $120 trillion in 2020 to overtake the U.S.'s $89 trillion as a red-hot real estate market drove up property value.
  
  In 2010, China became the world's largest market for construction.: 112 It has remained the world's largest through at least 2024.: 112
  
  The real estate industry is about 20% of the Chinese economy. As of 2023, real property accounts for 60% of Chinese household assets.: 161 Also as of 2023, China has the highest rate of home ownership in the world.: 170 90% of urban households own their home.: 170
  
  Compared to other nations, investing in stock markets and other assets is harder due to currency controls within the country. As a result, many Chinese citizens own multiple properties, as they are one of the few ways in which it is comparatively easy to grow and preserve wealth. Due to this, many economists have speculated about a property bubble within the Chinese economy. On 16 July 2020, the Wall Street Journal reported that the housing market within the Chinese economy had grown to US$52 trillion, eclipsing the US 2008 housing market before the 2008 financial crisis.
  
  Despite the possibility of a housing bubble, many people still choose to invest their assets in real estate market. On 19 December 2021, according to a report by McKinsey Global Institute, China's net worth reached $120 trillion in 2020 to overtake the U.S.'s $89 trillion as a red-hot real estate market drove up property value.