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Fifty million empty flats threaten to plunge China’s troubled property market further into crisis, warns think tank

The average vacancy rate in mainland China is 12.1 per cent, according to BRI, meaning millions of empty units could flood the market
Now the property boom is over, the unoccupied homes are beginning to feel like a burden for their anxious owners

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Liu Hong and her parents own four homes in different cities across mainland China. At any one time, as many as three of them are unoccupied.

The 36-year-old, who works as an auditor in Shanghai, bought a flat in her hometown of Harbin in northern Heilongjiang province 13 years ago for 320,000 yuan (US$47,500). It stands just two blocks away from her parents’ place, which was given to her father for free by the school he taught at three decades ago – a common practice in mainland China at the time.

“My dad and mum insisted I should have my own home as they held the firm belief that I would someday go back and live in Harbin, or I might need it to save money before I get married,” Liu said.

“Neither of those things happened, and now for half of the year my parents stay with me in Shanghai after they both retired.”

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