China Has a Plan for Its Housing Crisis. Here's Why It's Not Enough.
Is China's Housing Plan Doomed to Fail?
China is grappling with a severe housing crisis, characterized by nearly four million unoccupied apartments. In response, the government, led by Xi Jinping, plans to purchase these properties. However, this strategy falls short of addressing a larger issue: approximately 10 million sold but unfinished apartments, underscoring the profound and ongoing downturn in China's real estate sector.
How does the size of the area covered by these unoccupied apartments compare to a well-known city like Philadelphia?
The size of the area covered by China's nearly four million unoccupied apartments is roughly equivalent to the area of Philadelphia. This comparison illustrates the vast expanse of unused living space resulting from the housing crisis in China.
What is the total number of unoccupied apartments in China that are currently available but remain unsold?
The total number of unoccupied apartments in China that are currently available but remain unsold is estimated to be around 4 million homes1. This estimation is based on the data provided by Wind, a data provider, which states that China had 3.5 billion square feet of finished but unsold apartments in February1. Considering the average home size, this amounts to nearly 4 million homes.