China’s 60 million homes are hard to sell even in large cities

The oversupply is dragging down prices at the fastest rate in a decade, giving people less reason to buy a home. — Bloomberg

CHINESE policymakers have identified reducing a glut of housing inventory as the key to ending the nation’s unprecedented property slump. It’s easy to see why.

The country has the equivalent of 60 million unsold apartments, which will take more than four years to sell without government aid, according to Bloomberg Economics.