record china Saturday, October 5, 2024 8:00 AM On October 3, 2024, Hong Kong media Hong Kong 01 reported that the Wall Street Journal had reported that China, which is facing serious real estate problems, has 90 million vacant houses without residents. The article cites a report by The Wall Street Journal on the 2nd. The report states that since the Chinese government tightened lending to developers in 2021 as a measure to combat the real estate bubble, excessive housing construction has led to an oversupply. Although the government does not provide statistics on vacant houses, data analyzed by economists reveals that the number of vacant houses currently stands at more than 90 million, of which 31 million are unsold, 50-60 million are vacant due to speculative purchases, and approximately 20 million have been sold but are not yet completed. He also pointed out that China’s population is expected to decline by about 200 million people over the next 30 years, and that the economic recovery in small regional cities is not going well, making it extremely difficult to solve the problem of huge numbers of vacant homes. “Small cities account for more than 60% of vacant homes in China, but because land and building sales promote economic growth, many local governments are encouraging developers to build new homes despite the declining population,” the article quotes Harvard University economics professor Rogoff as saying. Furthermore, in May of this year, the People’s Daily reported that although 300 billion yuan (approximately 6.2 trillion yen) had been secured as low-interest loan funds for real estate acquisition, as of the end of June, only 4% of the funds had been used by individual banks. Economists have suggested that even if low-interest loans were available, companies would not be keen to purchase vacant real estate because the rents would be so low that they would not be able to make a profit. The article states that the Chinese government is now strengthening measures aimed at reviving the real estate market, such as low-interest loans and lower down payment ratios, while the Peterson Institute for International Economics in the United States has said, “In reality, the problem of oversupply of housing is probably unsolvable. The root of the problem lies in the declining population. “Ghost towns will continue to exist in the future,” he predicted. (Edited and translated by Kawajiri) ※Related thread China’s housing prices are falling across the board in both big and regional cities. The decline has accelerated since August, and inventory is at an all-time high. [10/3] [Insect Encyclopedia★].
Yes, the selfish LDP is finished. “The sports day has been postponed due to the election. “Children are crying” The sudden impact of the Lower House election has on school events… In the disaster-stricken Noto region, “This is no time for elections” My gym reservation was also canceled For that alone, the LDP deserves to die a thousand times Of course, they can claim damages from the LDP election office workers That’s the only way to get back the money that was lost The lives of the selfish LDP election workers are worth zero yen.
There was an earthquake in China recently, and many people are scared and living outside in tents. I hope there won’t be a big earthquake like the one in Tangshan. The strength of the buildings is questionable, so a big earthquake would be really dangerous.
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