China’s total housing supply has already reached the levels of much wealthier economies such as Germany and France
measured in square meters per person
Although average housing quality in China is lower and there is potential to upgrade, the massive current level of real estate production has to be unsustainable.
With the housing vacancy rate in urban China now at 21%, the authorities fully understand the need to shift productive resources into other sectors.
Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University, Project Syndicate 29 September 2021
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