Wednesday, August 18, 2010

Half of apartments in Shanghai, Beijing vacant

At least half of the apartments in Shanghai and Beijing are empty, the China Daily reported yesterday, citing an online investigation by volunteers conducted in 100 Chinese cities.
About 51 per cent of Shanghai apartments, 66 per cent of Beijing flats and more than 70 per cent of units in Hainan are vacant, according to the survey, based on counting the number of apartments observed to have no lights on at night. It was conducted on more than 1,000 real-estate projects and was organised by news website, according to the report.
The finding comes as Shanghai Securities News reported yesterday that Shanghai property sales by floor area jumped 26 per cent last week from the previous week
“Investors and speculators are the owners of the vacant houses” as they wait to sell their properties at an appropriate time, said Mr Lu Qilin, a Shanghai-based researcher at Uwin. “It’s important for the government to introduce more measures to curb speculation,” he added.
Property prices in 70 major Chinese cities climbed 10.3 per cent last month from a year earlier, according to China Information News.
Source : Today – 18 Aug 2010

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