{"id":408031,"date":"2026-03-28T06:20:08","date_gmt":"2026-03-28T06:20:08","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/408031\/"},"modified":"2026-03-28T06:20:08","modified_gmt":"2026-03-28T06:20:08","slug":"as-chinas-property-downturn-grinds-on-foreign-suppliers-strive-to-adapt","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/408031\/","title":{"rendered":"As China\u2019s property downturn grinds on, foreign suppliers strive to adapt"},"content":{"rendered":"<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">As China\u2019s property downturn drags on, foreign companies in downstream industries are revamping their business models to cope with a decline in new construction projects, but the country\u2019s stable policy environment is helping to ease the transition, according to an executive at a leading US supplier.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Lift giant Otis is looking for new growth momentum in China\u2019s government-led urban renewal drive, which includes a push to install or upgrade lift systems in ageing apartment buildings, said Judy Marks, the company\u2019s CEO and president.<\/p>\n<p>\u201cWe have been migrating our business, recognising <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3321715\/4-years-after-evergrande-crash-chinese-families-are-still-stuck-broken-houses?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">the challenges that started in 2021<\/a> and are continuing in the property market,\u201d she said in an interview while attending the China Development Forum in Beijing this week.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The company built its China business primarily by supplying lifts to new construction projects, as it rode the country\u2019s two-decade-long property boom. Now, it is pivoting towards services, providing modernisation solutions for buildings with ageing or no lifts, she said.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">\u201cOut of 11 million elevators in China, about 900,000 are currently ready for refurbishment \u2013 and that number is expected to grow by over 10 per cent annually,\u201d Marks said. \u201cWe have the solutions, the installers and the service teams ready to meet that demand.\u201d<\/p>\n<p>Urban renewal is included as a strategic development goal in <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3345525\/china-step-tech-energy-and-decarbonisation-efforts-next-5-year-plan?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">China\u2019s latest five-year plan<\/a>, released earlier this month, which sets a target of renovating 500,000 dilapidated and dangerous units of urban housing by 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"As China\u2019s property downturn drags on, foreign companies in downstream industries are revamping their business models to cope&hellip;\n","protected":false},"author":2,"featured_media":408032,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174],"tags":[1793,79,381,123521,184211,9403,179,18,19,17,184210,2792,383,384,125091,8949,2709],"class_list":{"0":"post-408031","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-beijing","9":"tag-business","10":"tag-china","11":"tag-china-development-forum","12":"tag-china-development-research-foundation","13":"tag-chongqing","14":"tag-economy","15":"tag-eire","16":"tag-ie","17":"tag-ireland","18":"tag-otis","19":"tag-shanghai","20":"tag-spain","21":"tag-united-states","22":"tag-urban-renewal","23":"tag-us-china-trade-war","24":"tag-washington"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116305357903967174","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/408031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=408031"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/408031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/408032"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=408031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=408031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=408031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}