Why did China build so many houses?

In recent years, housing development has ballooned in China as its economy has developed. Since 1978, the government has promoted the commercialization of housing in urban areas. Property development has become big business in China, with new cities and suburbs springing up with new apartments.



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The result is a glut of new apartments that could cripple the economy. China has accumulated enough empty apartments to meet seven years' worth of demand. The threadbare social safety net has contributed to the glut of apartments, as families kept buying extra homes as investments they could sell in case of hard times.

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The cost of living in China can vary by location and type of purchase. On average, China's cost of living is 45% lower than the U.S according to Numbeo. Rent in China is 60% lower than the U.S. on average. But the cost of items like cars and private school tuition are actually very similar.

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