Empty hous­ing units put at 10.2 mil­lion

China Daily (Canada) - - NEWSCAPSULE -

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.

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