The mantra of Chinese President Xi Jinping, who was supposed to be settled in a stable, fell into a sack. There are tens of millions of uninhabited houses and apartments in the country.
The study, which will be published shortly, will show that about 22% of the Chinese urban inventory is not occupied, according to professor Ghana Li, who runs the main national study. This represents more than 50 million empty houses, he said.
The alleged hypothesis for authorities is that owners of empty homes are hurried to sell if the cracks start to emerge in the real estate market, and the price spiral will be created. The latest figures from the survey in 2017 also point to Beijing's efforts to prevent speculation of real estate authorities consider that the key threat to social and economic stability is not enough.
"No other country has this percentage of vacant homes," said Ghan, Chengdu University of Economics and Finance. "If there are cracks in the real estate market, houses for sale will flood China. "
One solution that the government could take is to create real estate taxes or emptying homes to solve the problemHowever, none of them seems direct and some researchers, including Ghana, say that it could be difficult to define unemployment.
Last year, thousands of researchers watched 363 counties in the framework of China's Economic Household Survey, led by Gan at the university. The percentage of unemployment that excludes homes that developers have not yet sold has changed slightly compared to 2013, 22.4%, Gan said on the phone, adding that the information was complemented by the dissemination .
In the 2013 study, 49 million unemployed homes were shown, and Gan says that now the figure is "undoubtedly more than 50 million units".
Property speculation has been provoked by the Chinese authorities for years. Some cities and provinces have increased purchasing restrictions, and the only result was that money was allocated to other areas. High prices also mean that millions of people are excluded from the market, which further increases inequality. Xi said in October last year that "Houses are built to inhabit them, not for speculation".
Holiday homes and vacant homes for migrants looking for work elsewhere are some empty properties, and purchases as an investment are a key factor that maintains a high percentage of unemployment, after Ghana, despite restrictions that restrict the purchase of more homes throughout the country.
Unemployment also has economic costs as it limits the supply that raises prices and excludes young buyers from the market, according to Kaiji Chen, co-author of the study of the Federal Reserve Bank St. Louis, entitled "Great Boom in China."