China's Property Crisis: Empty Houses Everywhere, Even with 1.4 Billion People

A former Chinese official has highlighted the severity of China's property crisis, stating that experts estimate there are up to 3 billion vacant homes in the country, far exceeding the population of 1.4 billion. The crisis, which has been ongoing since 2021, has been exacerbated by the default of real estate giant China Evergrande Group and the precarious financial situation of other major developers. The unsold floor area of homes stands at a staggering 648 million square meters, excluding incomplete projects and vacant homes purchased by speculators. The property slump has had a detrimental impact on China's economy, leading to a decline in tax revenue and increased unemployment.