Part 4/15:

Historically, from 1999 to 2014, rapid urbanization fueled continuous growth in housing demand, with starts often exceeding sales by 110-150%. Since then, efforts to curb overbuilding began, and the introduction of policies like the three red lines in 2020 effectively tightened financing for developers. The impact of these reforms is now evident, with residential starts dwindling sharply—down nearly 40% in 2022—and continuing to decline through 2023 and 2024.