China's property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China Evergrande Group defaulted on its debt obligations following a clampdown on new borrowing.

Even China’s population of 1.4 billion would not be enough to fill all the empty apartments littered across the country, a former official said on Saturday, in a rare public critique of the country’s crisis-hit property market.

China’s property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China Evergrande Group (3333.HK) defaulted on its debt obligations following a clampdown on new borrowing.

Big-name developers such as Country Garden Holdings (2007.HK) continue to teeter close to default even to this day, keeping home-buyer sentiment depressed.

As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show.

That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres.

  • Lemminary@lemmy.worldEnglish
    1·
    1 year ago

    Either that or you’re just so ignorant it’s offensive.

    Then educate, dipshit. You sure talk a lot but show nothing for it but instead you spread your fucking propaganda and lies. You had your chance to shut me up and yet here we are, with you running around in circles wasting more time trying to hide instead of simply pasting a simple URL but you’ve refused. How’s that for “wasting time,” asshole.

    Riddle me this, dipshit: when did the genocide of Native Americans end?

    You tell us. It’s your fucking point I’m not gonna argue it for you. Ever heard of the burden of proof? Now’s the time to learn. Talk about ignorance.