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China and the real estate connection

China has been a manufacturing and construction giant for many years now. COVID-19, the flu-like epidemic which originated from Wuhan, has directly affected the construction activities in China. In recent months, Japanese earthmoving equipment manufacturers have experienced a visible dip in the use of its machines in the construction activities in China. The extended lunar holidays and official advice of staying at home have almost halted the construction and allied activities in China.

The major allied industries helping the construction and real estate across the world are iron ore and steel industry. To check the spread of the virus, China is Real Estate News officially closing two-third of its production lines. The lockdown of fourteen provinces, including the manufacturing hub of Hubei, where Wuhan is located, will further hit the supply of essential construction material. The scale of impact can be gauged from the fact that the locked-down regions constitute 90 per cent of China’s copper smelting industry, 60 percent of steel manufacturing, and 40 percent of the coal output.

Global upheaval 

The devastating downward spiral of Dow jones and increasing list of travel-banned countries have contributed to a plummeting US economy. Being called a ‘Covid-19 recession’, the economic impact is estimated to erode 0.7 percent of the US GDP over the next quarter. That too if the virus is contained (or at least tamed) in the next three months. Even USA’s close neighbour Canada is heading towards a recession and COVID-19 (coupled with plunging oil prices) is a big culprit here. Special monetary packages to the tune of billions of dollars are adding burden to the ailing economy.

In fact, a Covid-19 induced reduced economic activity is predicted to be affecting the housing market of Australia as well. Rising unemployment and delayed building approvals indicate a slump in the construction sector.

In addition to this, the whole of Europe is severely hit by the deadly virus. The ever-increasing tally of infections has virtually pushed Italy and Spain into a forced countrywide Press Release Distribution Services In Real Estate shutdown. Already hit by recessionary economic activity, Italy is badly hit by COVID-19 infections. It reported almost a quarter of total new cases in the whole of Europe. Spain is also down with over 5,200 cases.

On the eastern front, though Singapore and Hong Kong are nearer to the mainland China, their preemptive mechanism and swift disaster response has saved them from a catastrophe.

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