The CCP basically "encouraged" those with capital to park it in these massive make-work projects knowing full well that any real demand-based natural economic equilibrium wouldn't support that housing inventory. They pumped up their economic numbers using tools like this, but like all centrally managed economies they are running out of levers to pull. It's going to be ugly when this stuff all comes to a head.

[–] zephyreks@programming.dev 7 points 1 year ago

How? A 65 million unit surplus is more or less in line with other countries: 65/1400 = 5%. At an average family household size of 3, that gives an aggregate household vacancy rate of (up to) 15% (ignoring, of course, that not everyone who owns a home has a family). This also ignores how things like second homes, vacation homes, and excess rural housing stock is counted (given that, y'know, China has had a massive rural-to-urban migration over the past few decades).

The US census reports a vacancy rate of about 10%, and even New York has a vacancy rate of 3%.

Approximately 89.6 percent of the housing units in the United States in the second quarter 2023 were occupied and 10.4 percent were vacant.