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Real estate generally is subject to [[property tax]], and although it is possible (and not uncommon) to sell real estate [[FSBO|without using a real estate agent]], the majority of real estate transactions (especially those involving homes) are handled via real estate agents.
Real estate generally is subject to [[property tax]], and although it is possible (and not uncommon) to sell real estate [[FSBO|without using a real estate agent]], the majority of real estate transactions (especially those involving homes) are handled via real estate agents.
== Chinese real estate crisis (2020–present) ==
[[File:NewsX-Real-Chinese-Map.jpg|thumbnail|right|250px|Map of [[China]] ]]
''See also:'' [[Chinese real estate crisis (2020–present)]]
On February 6, 2023, Yahoo Finance said concerning the '''Chinese real estate crisis (2020–present)''':
{{Cquote|[[China]]'s overreliance on real estate has sent its economy tumbling toward 2008-era financial conditions, Kyle Bass told CNBC on Tuesday.
"This is just like the [[Financial Crisis of 2008|US financial crisis]] on steroids," the Hayman Capital founder said. "They have three and a half times more banking leverage than we did going into the crisis. And they've only been at this banking thing for a couple of decades."
The years of double-digit growth China enjoyed prior to the pandemic were made possible by an unregulated real estate market, Bass noted, which leaned too heavily on debt to expand.
With defaults now plaguing the industry, this spells massive trouble for the country's broader economy. The real estate sector makes up around a quarter of the country's GDP and 70% of household wealth.
"The basic architecture of the Chinese economy is broken," Bass summarized.<ref>[https://finance.yahoo.com/news/china-facing-us-financial-crisis-234945940.html#:~:text=China's%20overreliance%20on%20real%20estate,did%20going%20into%20the%20crisis. China is facing the US financial crisis 'on steroids' as the real estate market collapses, famed hedge fund boss says], Yahoo Finance, February 6, 2023</ref>}}
==References==
{{reflist}}
[[Category:Investments]]
[[Category:Investments]]
[[Category:Real Estate]]
[[Category:Real Estate]]
[[Category:Legal Terms]]
[[Category:Legal Terms]]