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The Truth About 50 Million Empty Homes in China

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If you've ever considered buying an apartment, you probably know that it's not so easy. The prices are sky-high wherever you are. But here's an amazing fact: There are literally millions of empty homes in China. A perfect place to settle, isn’t it? Well, not exactly.
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TIMESTAMPS:
What I knew about China 1:07
How much do Chinese people earn? 2:13
Where do they find the money to buy new apartments? 3:08
How much the Chinese save 4:14
Why would they need a third home? 5:18
Why it's not so good 6:44
Chinese “ghost towns” 7:11
Preview photo credit:
KUNMING, CHINA - DECEMBER 10: Construction on the outskirts of China's major cities, December 10, 2014, Kunming, China. China's economic boom leaves a trail of ghost cities: By Barnaby Chambers/Shutterstock.com,
Animation is created by Bright Side.
Music by Epidemic Sound
SUMMARY:
- The Chinese rush to buy property like crazy. Many of the apartments in these huge complexes are someone’s second or — wait for it — third homes! Of course, no one lives in these places.
- In 2017, the nationwide average was 74,318 yuan, which is roughly $11,000. Now, the cost of a new apartment, as far as I understood, may start from about 2,000 yuan ($300) per square foot.
- As a traditionalist society, China is very strong on family bonds. Basically, if you ask your family to help you out with the money you need to buy an apartment, they’ll most likely give you a hand.
- There are seniors who work their whole life and save a lot of money. Then there are young men and women who also work and save and who have the help of their extended families to buy themselves a new home when the time comes.
- There are many more men than women in China today, which leaves the housing issue wide open and on the shoulders of the men. To be able to marry, a young man has to have at least one apartment in his property portfolio.
- Families that have sons start saving money right from their kids’ birth to be able to provide them with a separate home later. If they have not one but 2 apartments, that increases their chances of starting their own family.
- ake the district of Chenggong in Kunming. It’s probably one of the brightest examples of these so-called “ghost towns.” But if you look at it today, you’ll see there are thousands of people living happily in their brand-new apartments.
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