The Presidential Daily Brief

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    Report: One-Fifth of China’s Urban Housing Is Empty

    Need a place to stay? More than 50 million apartments and homes in China are sitting vacant, according to an upcoming report from Chengdu’s Southwestern University of Finance and Economics. “There’s no other single country with such a high vacancy rate,” one researcher said. China’s 22 percent empty housing stock dwarfs America’s 12.7 percent and Japan’s 13.5 percent. Experts blame rampant property speculation, despite stern criticism of the practice by President Xi Jinping, and they warn that a dip in the property market could seriously hurt the economy.

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