//
you're reading...
China Trade Mag (Chinese Trade and Business)

On-line survey reports more than half all apartments empty in major cities


More than half the apartments in Beijing and Shanghai are empty, the China Daily reports, quoting an online investigation of 100 Chinese cities by news website Sina.com.

Hainan rated over 70 percent empty, Beijing 66 percent and Shanghai 51 percent, based on counting the number of apartments with no lights at night time, on more than 1000 real estate projects

Lu Qilin, a Shanghai-based researcher at Uwin, said “Investors and speculators are the owners of the vacant houses as they wait to sell their properties at an appropriate time. It’s important for the government to introduce more measures to curb speculation.”

Pre-sales by developers has been restricted, third home loans curbed, minimum mortgage rates raised on second-home purchases, and down-payment requirements tightened on second-home purchases.

Almost 90 percent of the 10,000 people surveyed said property prices are still being pushed up by speculators buying several homes and leaving them vacant, and over 90 percent said unoccupied property numbers in their cities is high.

However, property price increases are slowing, with the rate standing at 10.3 percent in July from a year earlier, the slowest pace in six months, China Information News reported last month.

About Craig Hill

Teacher and Writer. Writing has been cited in New York Times, BBC, Fox News, Aljazeera, Philippines Star, South China Morning Post, National Interest, news.com.au, Wikipedia and others.

Discussion

5 thoughts on “On-line survey reports more than half all apartments empty in major cities

  1. I have read about the empty apartments too. There are also empty cities.

    China’s central government is gambling. The goal is to eventually have the same population ratio between rural and urban areas in China as Europe and America have so the Chinese are funding the building of about 60 empty cities and apartments in cities such as Shanghai and Beijing for that future migration, which has been taking place since the early 1980s. In the last thirty years, China has had the largest migration in history from rural to urban China but it isn’t over yet. Along the way, the CCP hopes to create a consumer economy similar to America with a huge middle class that may number as high as 800 million shoppers.

    Posted by Lloyd Lofthouse | February 24, 2012, 12:22
    • It seems also that many landlords have the belief that if they leave the apartments empty, the prices will continue to go up indefinitely. It is estimated that the empty apartments could account for 15% or more of China’s reported net worth, though accurate figures from China are almost impossible to obtain.

      Unfortunately, now that housing prices are coming down, it also has a negative impact on the entire economy, starting with housing materials manufacturing and employment in the construction and manufacturing sectors. The flow on effect could be devastating.

      Posted by Craig Hill | February 24, 2012, 14:39
  2. Interesting and great read. It’s hard to see such a vast amount of work go unused. Even in smaller cities like Ya’an where I reside its quite obvious that there is no one home or even living in some apartment buildings. Some places look as if the money ran out before the job was even finished. The hope is there but the stamina is gone. China is growing, but I don’t think it can fill up what they have built. Maybe a slight pullback on growth in the future?

    Posted by Nate | February 26, 2012, 00:01
    • The point is, the owners are deliberately leaving them empty to force the prices up. Most seem to believe that prices will always go up, and can never come down.

      You are also right about too many dwellings. It is estimated that there are enough apartments now to accommodate every person in China, and some left over, but still they keep building.

      Posted by Craig Hill | February 26, 2012, 00:18

Trackbacks/Pingbacks

  1. Pingback: CHINA DEVELOPS OWN SEARCH ENGINE TO “PROTECT CHINESE IT IP” « Horiwood's Blog - February 23, 2012

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

If you liked what you just read, click "Subscribe" to become a follower of the Craig Hill site. You will receive an email each time a new post is published.

Join 15,050 other followers

An archive of all my old posts

Follow me on Twitter

  • RT @CraigHill01: As Grace Tame's time as Australian of the Year draws to an end, I can honestly say she has been the most worthy and active… 2 hours ago
  • RT @DailyTelegraph0: Barnaby Joyce expresses commitment by proposing to Vicki Campion: "Marriage is for life - or until you met someone you… 8 hours ago
  • RT @DarrenChesterMP: Listen to the experts and ignore George Christensen. If you have any concerns about COVID vaccines for you or your fam… 20 hours ago
  • As Grace Tame's time as Australian of the Year draws to an end, I can honestly say she has been the most worthy and… twitter.com/i/web/status/1… 1 day ago
  • RT @TamePunk: With only a week to go ‘til I’m washed-up, I’d just like to thank you all for your support this past year. Although I didn’… 1 day ago

Most Recent Posts Post on My Blog About China: China News

Cadence Column: Asia, January 17, 2022

Cadence Column: Asia, January 17, 2022

China is illegal. The US Department of State even says so. France even reports as such. This won’t exactly improve friendly relations across the Pacific. It’s actually a much larger step to an all out conflict. Just over a year ago, November 2020, Western allies declared that China’s 1984 treaty with Britain, the basis for […]

India’s offensive against China should be in the grey zone 

India’s offensive against China should be in the grey zone 

Grey zone is not a fixed concept but a hypothetical place between peace and war. While I was writing this article, a never heard of development was taking place in the Indian state of Punjab. The Indian Prime Minister was stuck on a bridge for 20 minutes since the highway was blocked by the protesters. […]

Cadence Column: Asia, January 10, 2022

Cadence Column: Asia, January 10, 2022

Lithuania has become the “Taiwan of Europe”. Since WWII, Americans never again struggled with the concept that a problem abroad is a problem at home. This is how we Americans can vote to interfere around the world that we know so little about. We think every squeal from another continent indicates a personal assault on […]

Is China ready to host the Winter Olympics?

Is China ready to host the Winter Olympics?

Chinese officials have promised that the 2022 Winter Olympics — to be held Feb. 4 to 20 and followed by the Paralympics March 4-13 — will be a “safe, streamlined and splendid” global event. But that won’t be easy. With less than four weeks to go, China is struggling to enforce its strict zero-covid policy […]

Crystal Gazing 2022: India and The World 

Crystal Gazing 2022: India and The World 

If we thought 2019 and 2020 presented uncertainties then 2022 is here to surprise all of us. It could be remembered as one of the most complex, unpredictable, and potentially dangerous years in the recent past. COVID-19, oil crossing $100/barrel, Iran-US nuclear talks, Iran-Israel tension, artificial intelligence, big data analytics, cryptocurrency, and militarization of outer […]

Japan looks west to guard against a rising China

Japan looks west to guard against a rising China

Japan signed on Thursday a new security treaty with Australia, a fellow middle power that is similarly aligning against an increasingly assertive China. The blandly-branded Reciprocal Access Agreement, which was signed virtually by Australian Prime Minister Scott Morrison and Japanese Prime Minister Fumio Kishida, marks the conclusion of a process that started in 2014, when […]

Cadence Column: Asia, January 3, 2022

Cadence Column: Asia, January 3, 2022

Taiwan is on the rise. With chip shortages, stock is booming. You know how graphics cards are astronomically high? A lot of that money is going into Taiwan. Meanwhile, China found an excuse to order a real estate developer to demolish 39 freshly, new-built “luxury apartments”—something about the building permit being illegal and violated zoning. […]

Cadence Column: Asia, December 27, 2021

Cadence Column: Asia, December 27, 2021

Japan is on the scene in the Pacific. While Japanese athletes will attend the Olympics, Japanese officials will not. China doesn’t want Japan to “politicize” the games. But, consider 2008, the one-hour opening ceremony about nothing but China’s history, with President Xi marching in to a one-world dream at the end. For Beijing, hosting the […]

Cadence Column: Asia, December 20, 2021

Cadence Column: Asia, December 20, 2021

The US is hitting China hard over treatment of Uyghurs. Nearly all imports from Xinjiang will be banned. At the same time, the US bolsters the call to bolster Taiwan’s military defense. However, Taiwan has the seeds of the same tyranny; it just doesn’t materialize into anything alarming because Taiwan remains small. The most obvious […]

When India goes to war with China 

When India goes to war with China 

It is an open secret that China challenges everything India sets its eyes on, be it cooperation with Quad partners (the United States, Australia, Japan), international organizations like United Nations, WHO, or designating a terrorist organization. India, a Quad member and a close ally of the United States, has become the biggest eyesore for China. […]

%d bloggers like this: