Daily Economic News reported that, as of end of April, 35 major cities saw an overall housing inventory increase of 2.6 percent compared to March and 19.5 percent compared to one year ago, hitting a five year record high.
From 2009 through 2012, the inventory in Tangshan, for example, reached 17,410,000 square meters. Last year, only 1,460,000 square meters were sold. It would take another 10 years to deplete the existing inventory. Staring last year, banks stopped making loans to developers of residential housing. Shenyang has an inventory of 17,200,000 square meters, an increase of 21.5 percent compared to a year ago. It would take close to 20 months to deplete this inventory.
Source: Daily Economic News, May 21, 2014