A fifth of China’s homes are empty. That’s 50 million apartments

Risk is potential for flood of sales during any property slump. Xi has said homes are for living in, not for speculation.

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 percent 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 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.

Continue reading… “A fifth of China’s homes are empty. That’s 50 million apartments”

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18% of Homes in Florida Are Vacant

vacant homes in Florida

The worst-hit county in Florida  is Collier — home of Naples — with a whopping 32% of homes empty.

It’s not always easy to feel sorry for sunny Florida. But it just got hit with another blow.  The Census Bureau revealed that 18% — or 1.6 million — of the Sunshine State’s homes are sitting vacant. That’s a rise of more than 63% over the past 10 years.

 

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