# 老破小

China’s Small-Flat Fever: Retail Buyers Are Snapping Up ‘Old, Small, Shabby’ Apartments—But the Risks Loom Large

A wave of retail buyers in Chinese cities is snapping up ageing, small apartments using leverage and rental yield as the investment thesis. While such purchases can produce positive cash flow today, they hinge on sustained rents, selective local policies, and sometimes speculative demolition hopes, exposing buyers and markets to sharp downside.