Urban household vacancy rate rises to 22.4%

By Cherry Cao | June 10, 2014, Tuesday |

Online Edition

MORE than one fifth of homes owned by urban households in China remained unoccupied in 2013, the China Household Finance Survey and Research Center of Southwestern University of Finance and Economics said in a report released today.

The overall vacancy rate for residential properties in urban areas across the country gained 1.8 percentage points from 2011 to 22.4 percent last year, meaning some 48.9 million homes were not occupied during the period, the report concluded.

About 87 percent of urban households in China own their properties, much higher than the UK's 20.3 percent, the US' 21.8 percent and Germany's 33.7 percent, according to the report. The figure was 95.8 percent among families in rural China.

Also, 18.6 percent of urban households around the country owned more than one property last year. The figure rose to 21 percent in the first quarter of this year, the report said.

Meanwhile, the vacancy rate for government-funded affordable homes, which are built for medium- to low-income families who can't afford commercial houses in the market, stood at 23.3 percent, indicating a phenomenal waste of government resources, the center found.

Feng Jun, chief economist at the Ministry of Housing and Urban-Rural Development, however, said earlier this month that China has yet to give an official vacancy rate definition for residential properties though it does release the number of houses that remain unoccupied for more than six months.

Real Estate

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Urban household vacancy rate rises to 22.4%

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