China’s whopping 1.4 billion population would not be enough to fill the vacant apartments spread across the country, as per a former official, who stated on Saturday in a rare critique towards the crisis-hit country’s property market.
The country’s property sector, which is one of its pillar, has slumped its 2021 when real estate China Evergrande Group defaulted on its debt obligations following a clampdown on new borrowing.
Another giant in the sector Country Garden Holdings continue to teeter close to being default even to this day, which has been having depressing effects on home-buyers’ sentiments.
As per the data acquired from National Bureau of Statistics, by the end of August, the combined floor area of unsold properties stood at 648 million square meter (approx. 7 billion square feet). As per the calculation made by Reuters, based on an average home size being 90 square meters, the area would sum up to be 7.2 million homes.