China's Massive Oversupply of Vacant Homes Could House 3 Billion

China has a massive oversupply of vacant homes, estimated to be enough to house 3 billion people according to some experts. Even China's 1.4 billion population likely can't fill them all.
As of August 2022, there were 648 million sq meters of unsold residential space in China, equal to about 7.2 million vacant homes.
This does not include the many projects sold but not yet built, or speculator-owned vacant units, which make up a bulk of the unused space.
The property sector slump started in 2021 when Evergrande defaulted, and has kept buyer sentiment depressed.
A former statistics official gave rare public critique that even 1.4 billion Chinese can't fill vacant homes, contrasting the official narrative of a resilient economy.

reuters.com

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Ex-Official: China Has Enough Empty Houses for 3 Billion Despite Property Market Crisis

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Posted 9/23/2023, 1:16:00 PM

China's Massive Oversupply of Vacant Homes Could House 3 Billion

China has a massive oversupply of vacant homes, estimated to be enough to house 3 billion people according to some experts. Even China's 1.4 billion population likely can't fill them all.
As of August 2022, there were 648 million sq meters of unsold residential space in China, equal to about 7.2 million vacant homes.
This does not include the many projects sold but not yet built, or speculator-owned vacant units, which make up a bulk of the unused space.
The property sector slump started in 2021 when Evergrande defaulted, and has kept buyer sentiment depressed.
A former statistics official gave rare public critique that even 1.4 billion Chinese can't fill vacant homes, contrasting the official narrative of a resilient economy.

reuters.com

Relevant topic timeline:

8/28/2023

Paid Late, or Never: Painters, Builders and Realtors Hit by China’s Property Crisis

9/12/2023

China Growth Forecasts Slashed Amid Housing Slump and Investment Woes

China's economy is expected to grow less than previously anticipated this year and next due to a struggling property market, posing risks to both itself and the global economy.

9/13/2023

China rolls out new measures to prop up struggling property sector

China's recent policies to stabilize the property sector may not be enough to stimulate real economic growth, although they could generate demand, according to analysts.

9/23/2023

Ex-Official: China Has Enough Empty Houses for 3 Billion Despite Property Market Crisis

9/24/2023

China's Massive Property Crisis - 3 Billion Empty Homes Amid Developer Debt Defaults

9/24/2023

China's Housing Market Slump Deepens as Empty Homes Abound and Developers Teeter

9/25/2023

China's Massive Vacant Housing Glut Signals Trouble for Its Property Market and Economy

9/27/2023

China's Property Crisis Could Take a Decade to Resolve, Says Censored Economist