Empty housing units put at 10.2 million
China has about 10.2 million units of empty housing, and that number could rise by 3 to 4 million a year, according to Credit Lyonnais Securities Asia Ltd.
In first-tier cities, which it defines as Beijing and Shanghai, the rate was 10 percent. The rate in second- and third-tier cities as a group was 16 percent, CLSA said.
Ordos, Inner Mongolia — sometimes cited in media reports as a ghost city — has the highest vacancy rate, 23 percent.
CLSA’s vacancy estimate is among the more conservative, with other estimates ranging from 20 to 30 percent. A study by Peking University in 2013 says an average Chinese family owns 100 square meters of living space, and 10 percent of households own two or more residences.