China's Property Market Continues to Slump, Property Management Companies Retreat En Masse

AI Summary (NQ-processed)

China's real estate market continues its downturn, leading to a mass withdrawal of property management companies in many cities, severely impacting residents' living conditions, with some communities experiencing overflowing garbage and foul odors. Even major players like Vanke Property have announced their withdrawal from the Xuzhou market. This wave of retreats is spreading from third and fourth-tier cities to first and second-tier cities, with Zhejiang and Chongqing being particularly affected, and even first-tier cities like Beijing and Shanghai are not immune. The main reasons cited are declining revenue from property management services and increasing costs.