China is confronting a long‑standing problem in its real estate sector: a ticking time bomb of expiring leases that could derail deals and expose investors to heavy losses.

Scores of office towers, shopping malls and warehouses sit on land with dwindling lease terms, forcing owners to risk returning the land to local governments when leases expire. The lack of clarity over how and when these leases can be extended has left many developers and investors in uncertainty.

意味着 a potential loss of $148 billion in value, a figure that has sparked concern across the market. The crisis underscores the fragility of China’s property market and the urgent need for clear, enforceable lease‑extension policies.

Industry experts stress that timely policy reforms are essential to stabilize the sector, protect investors, and prevent a broader economic slowdown tied to real estate’s pivotal role in China’s growth.