China Still Has Over 65 Million Empty Homes despite population Of 1.4 Billion
The real estate sector is one of the most important sectors in the Chinese economy. It accounts for about 30% of China’s GDP, and it employs millions of people.
China has a population of 1.4 billion people, but it also has over 65 million vacant homes. This means that there are enough vacant homes in China to house the population of France.
There are a number of reasons for the high number of vacant homes in China. One reason is that China’s population is aging rapidly. The median age in China is now 38.5 years old, up from 34.7 years old in 2010. This means that there are fewer people of home-buying age in China.
According to Reuters, As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show.
That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres. That does not count the numerous residential projects that have already been sold but not yet completed due to cash-flow problems.
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Another reason for the high number of vacant homes in China is that the Chinese government has built a large number of new homes in recent years. The Chinese government has done this in an effort to boost economic growth and to provide affordable housing for its citizens. However, the government has built more homes than there is demand for.
The high number of vacant homes in China is a problem for the Chinese government. It is also a problem for the Chinese economy. The vacant homes are a waste of resources, and they are also a drag on the Chinese economy.
The issue of vacant homes is being addressed by the Chinese government. A number of restrictions have been implemented by the government to deter people from purchasing numerous residences. Additionally, the government has put regulations in place to boost the availability of inexpensive housing.
It is unclear how long it will take for the Chinese government to solve the problem of vacant homes. However, the government is committed to solving the problem, and it is taking steps to address it.
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