Experts say China has the highest vacancy rate on residential units of any country in the world. The roots of the problem lay in housing speculation, according to China's leaders.
"Soon-to-be-published research will show roughly 22 percent of China’s urban housing stock is unoccupied," reports Bloomberg with data from the China Household Finance Survey, lead by Professor Gan Li.
That percentage adds up to 50 million empty homes, according to the article, and it reflects a country falling short a standard set by Chinese President Xi Jinping that homes should be for living in.
"The nightmare scenario for policy makers 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," according to the article.
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