Posted on 12/31/2018 4:54:46 PM PST by SeekAndFind
Chinese President Xi Jinping’s mantra that homes should be for living in is falling on deaf ears, with tens of millions of apartments and houses standing empty across the country.
Soon-to-be-published research will show roughly 22 per cent of China’s urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. That adds up to more than 50 million empty homes, he said.
The nightmare scenario for policymakers is that owners of unoccupied dwellings rush to sell if cracks start appearing in the property market, causing prices to spiral. The latest data, from a survey in 2017, also suggests Beijing’s efforts to curb property speculation - considered by leaders a key threat to financial and social stability - are coming up short.
“There’s no other single country with such a high vacancy rate,” said Gan, of Chengdu’s Southwestern University of Finance and Economics. “Should any crack emerge in the property market, the homes to be offloaded will hit China like a flood.”
One solution that the government could use is property or vacancy taxes to try to counter the issue, but neither appears imminent and some researchers, including Gan, say what actually counts as vacant could be tricky to determine.
Thousands of researchers fanned out across 363 counties last year as part of the China Household Finance Survey, which Gan runs at the university. The vacancy rate, which excludes homes yet to be sold by developers, was little changed from a 2013 reading of 22.4 per cent, he said by phone, adding that he was finalising the data for its release.
The 2013 study showed 49 million vacant homes, and Gan puts that number now at “definitely more than 50 million units.”
Housing speculation has bedevilled China’s leaders for years
(Excerpt) Read more at scmp.com ...
See also here:
https://www.inkstonenews.com/business/inkstone-index-empty-homes/article/2180107
INKSTONE INDEX: CHINA’s EMPTY HOMES
If you build them, they will come
and, the truth is, they have come
A great example why command economies fail. A terrible misallocation of resources.
Maybe they should take in some of the Homeless population or illegals, will fill up fast.
You’d think with a billion people, China would be facing a housing shortage? Nah...
This can’t be correct.
We keep hearing how the ChiComs out plan us in every way.
Supposedly, they have planned their housing decades beyond us.
RE: You’d think with a billion people,
Make that 1.4 Billion.
Actually, its mostly a free market economy. What we have here is a case where supply outstripped demand.
In this market, no one wants to sell.
Great. Let’s send them some of our homeless!
The old saying is build it and they will come. Not in China.
Maybe we should cut a deal with China to send them the “refugees” invading the US
They clearly overbuilt.
SEE HERE:
https://www.businessinsider.com/these-chinese-cities-are-ghost-towns-2017-4
12 eerie photos of enormous Chinese cities completely empty of people
Send them allah the refugees!!!!
Those places are very shoddily built and have structural problems and cracks within a couple years of being built.
yes
Wait until the SF-Oakland bay bridge starts cracking. It already has.
Those empty cities look like replacements for ones that will get nuked.
Better yet, we load them up with homeless people and return the cargo ships to China fully loaded. Empty Chinese home problem solved.
It would have been so much better to simply provide welfare checks and let all those workers sit home on the couch. Imagine that, having to work to earn your pay under a government program.
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