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Report shows 22.4% of residences vacant

2014-06-10 16:08 chinadaily.com.cn Web Editor: Wang Fan

Academic research data shows the vacancy rate of China's urban residential housing reached 22.4 percent in 2013, Chinese Business News reported on Tuesday.

A report on the urban housing vacancy rate and trends in the housing market written by Gan Li, director of the China Household Finance Survey Center and dean of the Economics college under the Southwestern University of Finance and Economics, revealed that vacant housing accounted for 11.8 percent of all China's urban residences and 4.2 trillion ($674.5 billion) of bank housing loans.

The vacancy rate of urban residential housing is often cited as evidence of a property bubble, but Feng Jun, chief economist of the Ministry of Housing and Urban-Rural Development, said China does not currently have a precise official definition of the vacancy rate.

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