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]

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

China’s Abandoned, Obsolete Electric Cars Are Piling Up in Cities

A subsidy-fueled boom helped build China into an electric-car giant but left weed-infested lots across the nation brimming with unwanted battery-powered vehicles.

www.bloomberg.com

I think he is wrong about that one as yes they may be EV's but likely older gen lead-acid battery ones with terrible range...that nobody wants anymore.

 

[beijingwalker]

I think he is wrong about that one as yes they may be EV's but likely older gen lead-acid battery ones with terrible range...that nobody wants anymore.

This guy is a known anti China progandist, we all know that, this is why I rarely post known pro China foreigners videos, I like to post videos of random foreigners who happen to travel in China or live in China but most of their videos are not about China, unlike this guy, all his videos are about China bashing, how can anyone believes someone who puts his whole life on sole purpose of bashing someone?

 

[Hamartia Antidote]

This guy is a known anti China progandist, we all know that, this is why I rarely post known pro China foreigners videos, I like to post videos of random foreigners who happen to travel in China or live in China but most of their videos are not about China, unlike this guy, all his videos are about China bashing, how can anyone believes someone who puts his whole life on sole purpose of bashing someone?

I think he is trying to point out the Chinese are trying to project a narrative that isn't always true.

 

[A Voice of Reason]

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.

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

It's not just that there is an oversupply of housing (especially in non tier 1&2 cities) which according to He Keng amounts to some 200% more than that required to actually, you know, house people.

It's not just that most ordinary Chinese have been limited to the property investment/speculation sector for investing their life's savings.

Its not just that 30% of China's GDP is construction related.

It's not just that China is at the terminal end of the demographic transition. A phase featuring a TFR possibly as low as 1.02, but definately a rapidly decreasing population that will continue to decreasing rapidly until it halves by the end of the century. It will thus simply not need so much housing stock in our lifetimes.

Rather it's all the above added together and many other issues that should be enough to cause any thinking person concern. Because the world is linked and when, not if, China falls it will effect everyone.

 

[CIA Mole]

the problem has always been location

since terror feudal xi destroyed economies and industries, there no need to expand to where the empty homes are

 

[mike2000 is back]

the problem has always been location

since terror feudal xi destroyed economies and industries, there no need to expand to where the empty homes are

Why did Xi Jinping go after China's most sucessful private companies?
Plus he has almost been forcing private companies and wealthy Chinese entrepreneurs to commit to his so called "common prosperity" political slogans. Its hard to see how he amassed so much power that hes almost a quasi dictator of China and basically controls the CCP now. From collective leadership to a one man show. Quite interesting. The zero Covid debacle should have made him step down much less change the constitution just to remain in power just like African dictators often do. Its surprising that this happening in a major country like China who had already established a peaceful successive change of leadership. Xi broke off this system, now any leader can come and remain in power until death. Lol

 

[Abdul Rehman Majeed]

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.

---

Real estate and job worries slow China's economy

Uncertain consumers shift to saving as private-sector profits slump

asia.nikkei.com

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

Good. This means China will never have homeless people.

 

[CIA Mole]

Why did Xi Jinping go after China's most sucessful private companies?
Plus he has almost been forcing private companies and wealthy Chinese entrepreneurs to commit to his so called "common prosperity" political slogans. Its hard to see how he amassed so much power that hes almost a quasi dictator of China and basically controls the CCP now. From collective leadership to a one man show. Quite interesting. The zero Covid debacle should have made him step down much less change the constitution just to remain in power just like African dictators often do. Its surprising that this happening in a major country like China who had already established a peaceful successive change of leadership. Xi broke off this system, now any leader can come and remain in power until death. Lol

george orwell works were supposed to be a warning

terror xi used it as a manual and got away with it because the people werent allowed to read those books

 

[Hamartia Antidote]

Good. This means China will never have homeless people.

Yeah but ponzi schemes aren't like Chinese massage parlors when it comes to having happy endings.

 

[Reashot Xigwin]

I think he is wrong about that one as yes they may be EV's but likely older gen lead-acid battery ones with terrible range...that nobody wants anymore.

Nah he shows that the car were likely built to steal government EV funding. I don't think they even have battery inside.

 

[Hamartia Antidote]

Why did Xi Jinping go after China's most sucessful private companies?
Plus he has almost been forcing private companies and wealthy Chinese entrepreneurs to commit to his so called "common prosperity" political slogans. Its hard to see how he amassed so much power that hes almost a quasi dictator of China and basically controls the CCP now.

An old saying goes "putting the genie back in the bottle".

The Communist Party took over back in the 1950's promising a society of equality and frowning on those with wealth who took advantage of the common man. They confiscated the land and much of the wealth of those people with the idea to begin again on a more even footing...which may even be admirable.

While this sounds great on paper in reality that stifles individual innovation which unfortunately is usually driven by a desire for individual wealth. As the rest of the world moves forward in leaps and bounds (possibly from individual greed) it becomes apparent that not all of these advances are necessarily bad. In fact when looked at as a whole these people are becoming wealthy because they are supplying society with items that can make life easier.

So they started letting the private sector have some more freedom...and of course this was the genie let out of the bottle.

Decades later we have the same situation seen during the Chinese Civil War. A class of people with much more wealth than the average Chinese citizen. In fact you being to wonder what exactly is the difference between now and then.

I'm sure many older generations are thinking along the lines of The Who lyrics "Meet the new boss...same as the old boss".

So I think Xi is trying to put the genie back in the bottle.

 

[GreatHanWarrior]

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.

————————-

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

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

China’s Abandoned, Obsolete Electric Cars Are Piling Up in Cities

A subsidy-fueled boom helped build China into an electric-car giant but left weed-infested lots across the nation brimming with unwanted battery-powered vehicles.

www.bloomberg.com

 

[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

The issue with property in China is the issue of owning the lands the buildings or apartments stand on. The state can take back the lands anytime it wants. If the lands are retaken then good night, your apartments your house are worthless they will be demolished.
In contrast taking back the lands you own is extremely to impossible in the west. In Germany there is “Grundbuch” where all land owners are recorded. My name is on those Grundbuch’s. I recommend Chinese buyers to buy houses here in German or France or Spain.

 

[CIA Mole]

The issue with property in China is the issue of owning the lands the buildings or apartments stand on. The state can take back the lands anytime it wants. If the lands are retaken then good night, your apartments your house are worthless they will be demolished.
In contrast taking back the lands you own is extremely to impossible in the west. In Germany there is “Grundbuch” where all land owners are recorded. My name is on those Grundbuch’s. I recommend Chinese buyers to buy houses here in German or France or Spain.

its why they got such tight capital controls

so that u cant easily run off to places with property rights

 

[Reashot Xigwin]

Good. This means China will never have homeless people.

Some if not most of those houses are not fit for domestic dwelling. When I said that housing in China are treated like an NFT. They are made like an NFT.

Which means shoddy quality all around. The thing about Chinese is that if they can cut corner they will.