What is happening to China's property income growth and what does it indicate about the real estate sector?

China's property income growth has reached its lowest level in over a decade, growing at just 2.2% in 2024, the slowest pace since 2014. This decline is part of a consistent downward trend that began in 2019, with 2021 being the only exception, highlighting the ongoing slump in the real estate sector. The situation is particularly severe in major cities like Beijing, where per capita net property income has fallen by 0.6% for three consecutive years. This persistent decline in property income growth serves as a clear indicator of the significant challenges facing China's real estate market and reflects broader economic concerns.