Chinese Central Television (CCTV) reported that He Keng, Deputy Director of the Financial and Economic Committee of China’s 11th National People’s Congress and former Deputy Director of China’s National Bureau of Statistics, said “Currently, there is an oversupply in the real estate sector. The exact number of vacant houses varies significantly according to different experts, and with a population of 1.4 billion people, it’s unlikely that all of them can be occupied. It is not wise to aggressively promote real estate development in the face of so many vacant properties. Therefore, in this situation, real estate companies must transition early and do so proactively.” He Keng spoke on September 23 at the 2023 China Real Economy Development Conference.
Source: CCTV, September 24, 2023