#China’s #Property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China #EvergrandeGroup defaulted on its debt obligations following a clampdown on new borrowing. As of the end of August, the combined floor area of unsold homes stood at 648 million square meters (7 billion square feet). #PropertyMarketCrisis

Even 1.4 billion people 'probably can't fill' all of China's vacant homes, ex-official admits | CNN Business
https://edition.cnn.com/2023/09/23/business/china-too-many-homes-for-1-4-billion-people-intl-hnk/index.html