https://www.zerohedge.com/news/2 ... partments-are-empty 作者: sec2100 時間: 2018-11-12 07:49
According to Bloomberg, soon-to-be-published research will show that roughly 22% of China’s urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. That amounts to more than 50 million empty homes.作者: sec2100 時間: 2018-11-12 07:50
"There’s no other single country with such a high vacancy rate,” said Gan, of Chengdu’s Southwestern University of Finance and Economics. “Should any crack emerge in the property market, the homes to be offloaded will hit China like a flood.”作者: sec2100 時間: 2018-11-12 07:51
And, as Americans so fondly recall, the result of chasing unaffordable homes for the purpose of price speculation has resulted in yet another unprecedented debt bubble: according to Caixin, outstanding personal home mortgages in China have exploded sevenfold from 3 trillion yuan ($430 billion) in 2008 to 22.9 trillion yuan in 2017, according to PBOC data作者: sec2100 時間: 2018-11-12 07:52
Meanwhile, in a truly concerning demonstration of what will happen when the bubble finally bursts, last month we reported that angry homeowners who paid full price for units at the Xinzhou Mansion residential project in Shangrao attacked the Country Garden sales office in eastern Jiangxi province last week, after finding out it had offered discounts to new buyers of up to 30%.作者: sec2100 時間: 2018-11-12 07:52
"Property accounts for roughly 70 per cent of urban Chinese families’ total assets – a home is both wealth and status. People don’t want prices to increase too fast, but they don’t want them to fall too quickly either,” said Shao Yu, chief economist at Oriental Securities. "People are so used to rising prices that it never occurred to them that they can fall too. We shouldn’t add to this illusion," Shao added, echoing Ben Bernanke circa 2005.作者: sec2100 時間: 2018-11-12 07:53
To summarize:
China has more than 50 million vacant apartments
Mortgage loans have grown 8-fold in the past decade
Prices are kept steady thanks to constant government purchases of surplus inventory
Home prices are already cracking, with some homebuilders forced to cut prices by 30%.