Looking for a place to live and want to really want to leverage the “buyer’s market” advantage? Think Beijing or Shanghai.
According to an article in the Business Insider today, about 64 million units (houses and apartments) now sit empty throughout China — enough housing for 200 million people or more than half the US population.
Apparently it’s getting a bit out of hand – even by China standards. Government authorities aren’t thrilled with real estate “speculation” and are worried about the flight of investment money into vacant properties.
According to the article, many in China are happy to pour their money into real estate development because Chinese stocks haven’t been performing well and bank interest rates are below the rate of inflation in China. Read the entire BI piece.