(ECNS) - There's still much space for development in Chinese housing market due to the small size of homes, said Gu Yunchang, deputy director of a housing policy committee at the Ministry of Housing and Urban-Rural Development, on Wednesday.
Gu, also chairman of China Real Estate Chamber of Commerce, said the Chinese have 1.1 homes on average, but the building area per capita is 35 to 40 square meters. In developed countries, floor area per capita is used to measure the adequacy of living space, so China is lagging by about 25 to 30 percent, he said.
He also said ongoing urbanization also means a huge demand for more homes.
Gu said China’s real estate market also has development potential to an aging society, and the growing number smaller families and one-person households.
Single-person households account for 15 to 20 percent of home ownership in developed countries, but in China it’s around 6 to 7 percent, so demand for houses with continue, according to Gu.