All articles tagged with #vacant homes
Pittsburgh faces a housing crisis with over 20,000 vacant and uninhabitable homes, partly due to a shrinking population and systemic issues in property management and foreclosure processes, which hinder neighborhood revitalization and contribute to community decline.
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.
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.