Global Times: Oversupply in China’s housing market remains a problem:former statistician "even 1.4 billion people cannot fill all those vacant houses"

[Hamartia Antidote]

PDF: Empty "ghost buildings" are just a Western lie to discredit China. Lies..lies..lies...lies...lies...lies..lies...lies

Global Times now admitting...

Oversupply in China’s housing market remains a problem: former statistician - Global Times

www.globaltimes.cn

real estate Photo:VCG

Former deputy director of the National Bureau of Statistics (NBS), He Keng, described the housing market oversupply in Chinese cities as "even (China's) 1.4 billion people cannot fill all those vacant houses."

He made the remark during a speech to the 2023 China Real Economy Development Conference held on Saturday, and he called for business transformation of China's real estate companies.

He expressed his own concern about the real estate sector. With an oversupply of housing, it is possible that 1.4 billion people can't fill all these houses in China, though the exact numbers of vacant housing remain unclear, he noted.

It is unwise to vigorously develop real estate as there are still many vacant apartments in China, suggesting the developers transform their businesses as quickly as possible to adapt to this new situation, He said.

According to a survey done by Beike Research Institute in August 2022, the average vacancy rate of housing in 28 large and medium-sized cities in China is 12 percent, with Shenzhen, Beijing and Shanghai reporting a vacancy rate of less than 7 percent.

Recently, Chinese cities have worked out multiple pro-growth policies to revive the real estate sector to boost the overall economy.

On Wednesday, Guangzhou municipality announced new measures to relax policy curbs on house purchases in the city's four major districts, follow the steps of other major Chinese cities including Nanjing, Qingdao, Shenyang, Wuhan, Jinan and Zhengzhou.

On September 15, China revealed the economic data for August, showing a better-than-expected economic recovery, as the NBS reported a 4.5 percent growth in value-added industrial output and 4.6 percent increase in retail sales, all exceeds numbers of previous month.

"Arresting the decline in real estate capital investment is important for the economy," said Zhou Maohua, an economist at Everbright Bank.

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Real estate and job worries slow China's economy

Uncertain consumers shift to saving as private-sector profits slump

asia.nikkei.com

Real estate and related industries have been estimated to generate about 30% of China's GDP

"Here in Hunan you can drive for hundreds of miles and on each side of the road you will see multiple little ghost cities and ghost villages dotting the landscape"

PDF: SerpentZA is all lies..lies..lies....oh wait looks like ChinaDaily is now confirming what he said...funny that!

 

[Kuru]

No wonder the property giant is now in debt.

Country Garden: Debt-laden China property giant in record loss - BBC News

Country Garden warns it may default on its debt, adding to concerns about the wider Chinese economy.

www.bbc.com

Country Garden, one of China's biggest property developers, has become the latest real estate giant to warn that it could default on its debts.

This came as the crisis-hit company reported a record $6.7bn (£5.2bn) loss for the first six months of the year.

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I request all Chinese members and their cheerleaders to call this thread a lie, propaganda and a conspiracy against China. Thanks in advance.

 

[Skull and Bones]

 

[Viet]

China has a giant property bubble.
That bubble is driven by greedy provincial governments. The more lands they sell or lease to property developers, the more money they make. The root is however in the central government policy. They want property as the main driver of growth. Then comes the factor human. common Chinese populace have little choice to invest the money then putting into property or stocks.

Same disaster is seen in Chinese development in Malaysia. A giant 100 billion USD bubble.

 

[beijingwalker]

We never denied there is a oversupply problem in China's estate market, actually we never deny skyhigh housing price is a major problem in China, but western media indeed lies about so called "ghost cities" in China. they are different things, only fools think they are the same.

 

[Reashot Xigwin]

Also to be noted that the price of housing in china is easily triple the price of regular housing compared in New York or London. This despite most chinese being dirtpoor.

Property in China is treated like Bitcoin or NFT. Pretty much pure spec. And just like NFT market they also crashed.

 

[Hamartia Antidote]

China has a giant property bubble.
That bubble is driven by greedy provincial governments. The more lands they sell or lease to property developers, the more money they make. The root is however in the central government policy. They want property as the main driver of growth. Then comes the factor human. common Chinese populace have little choice to invest the money then putting into property or stocks.

This is what SerpentZA explained in that Ghost city and other videos...but Chinese PDF members rabidly dismiss him as a perpetual liar.

Listen as he explains it

 

[Reashot Xigwin]

This is what SerpentZA explained in that Ghost city and other videos...but Chinese PDF members rabidly dismiss him as a perpetual liar.

The guy also break the news about China just dumping EV before the mainstream media pick it up.

Bloomberg - Are you a robot?

 

[Viet]

This is what SerpentZA explained in that Ghost city and other videos...but Chinese PDF members rabidly dismiss him as a perpetual liar.

Listen as he explains it

Chinese population is aging, declining. The demand of property is shrinking not growing. Chinese developers build giant cities Sri Lanka as well. But both Malay and Lanka populations are too little to fill the cities. Both hardly want the influx of hundreds thousands Chinese.

On global scale there is a difference to the Turks property bubble. Erdogan lures foreigners to buy domestic properties, even giving free visa free residency permit. Foreigners coming in. That’s unthinkable in China.

 

[beijingwalker]

This is what SerpentZA explained in that Ghost city and other videos...but Chinese PDF members rabidly dismiss him as a perpetual liar.

Listen as he explains it

Is he your god? do you have other people to listen to? why you keep bringing this China has no birds guy here, he had been debunked by so many people by both Chinese and foreigners.

 

[Hamartia Antidote]

Is he your god?

Why is he your perpetual Satan?
Why do you constantly just call him a complete liar when even the Chinese Government now finally admits he has been correct all along.

You now can't write off what he says as a lie anymore.
It was China that was doing the lying.

I guarantee you he is going to make another video soon putting all his haters right through the wringer.

Beijingwalker actively pushing the usual 50 cent smokescreen of saying all the talk of empty ghost stuff is just Western lies...and definitely not Chinese reality.

Meanwhile the Chinese government is saying their are likely over a billion empty units and Beijingwalker apparently never noticed any evidence of this..

 

[epebble]

We never denied there is a oversupply problem in China's estate market, actually we never deny skyhigh housing price is a major problem in China, but western media indeed lies about so called "ghost cities" in China. they are different things, only fools think they are the same.

Why can't the government buy these houses and sell or lease it at subsidized prices/rents to poor people. That way the houses get occupied, and the economy will get stimulus. The banks get rid of the bad loans from their book. We did this in U.S. in 1990 with commercial properties.

Resolution Trust Corporation - Wikipedia

en.wikipedia.org

 

[beijingwalker]

Why is he your perpetual Satan?
Why do you constantly just call him a complete liar when even the Chinese Government now finally admits he has been correct all along.

You now can't write off what he says as a lie anymore.
It was China that was doing the lying.

I guarantee you he is going to make another video soon putting all his haters right through the wringer.

Keep him as your god, I posted different foreingers experience in China and you can only post this one, this simple fact speaks volume.

Why can't the government buy these houses and sell or lease it at subsidized prices/rents to poor people. That way the houses get occupied, and the economy will get stimulus. The banks get rid of the bad loans from their book. We did this in U.S. in 1990 with commercial properties.

Resolution Trust Corporation - Wikipedia

en.wikipedia.org

In Beijing we have 经济实用型房， 两限房，廉租房。Those who don' t have a house can choose to buy a house paying just a fraction of its market value or rent a government house with just a token rent, but you have to apply first and it will take several months for the government to verify your true economic and housing situation.

 

[Hamartia Antidote]

Keep him as your god, I posted different foreingers experience in China and you can only post this one, this simple fact speaks volume.

You keep saying the US's GDP is inflated.

However 30% of China's GDP is related to construction..and alot of that is residential construction of empty shell units used simply as a widespread investment ponzi scheme.

The Chinese government is saying there are so many empty units in this scheme even the entire 1.4 Billion population of China could not cover it all...and some are saying there are so much it may even require double the population:

A former Chinese official is telling property developers to 'transform' their businesses as there are more than enough empty homes to house all of China

He Kang suggested the Chinese government and companies can buy up empty homes and rent them out to those who can't afford their own.

finance.yahoo.com

"How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people," said He Keng, a former deputy head of China's statistics bureau, according to a Reuters translation of a video from state-owned China News Service.

"That estimate might be a bit much, but 1.4 billion people probably can't fill them," He said, referring to China's population.

 

[beijingwalker]

You keep saying the US's GDP is inflated.

However 30% of China's GDP is related to construction..and alot of that is residential construction of empty shell units used simply as a widespread investment ponzi scheme.

The Chinese government is saying there are so many empty units in this scheme even the entire 1.4 Billion population of China could not cover it all.

China is the world biggest trading nation, export nation, industrial nation, manufacturing nation, agricultural nation, mining nation, shipping nation.. and US? you think China is all about real estate?