China's Property Crisis: Empty Houses and Downgrades

A former Chinese official has stated that even China's population of 1.4 billion would not be enough to fill all the vacant homes in the country, highlighting the crisis in the property market. The sector has been struggling since 2021, with the default of real estate giant China Evergrande Group and the ongoing financial troubles of other major developers. As of August, there were 648 million square meters of unsold homes, equivalent to 7.2 million homes, not including unfinished projects or vacant homes purchased by speculators. The former official's negative view contrasts with the official narrative of a resilient Chinese economy.