What is the current state of China's property income growth?

China's property income growth has reached its lowest level in over a decade, with per capita net property income growing by only 2.2% in 2024 - the slowest pace since 2014. This represents a consistent downward trend in the growth rate that has been ongoing since 2019, with 2021 being the only exception. This record low growth highlights the continuing slump in China's real estate sector, which has significant implications for the broader economy. Official data confirms this persistent decline, reflecting the challenges facing one of China's most important economic pillars.