Wednesday, April 22, 2015
Amazing number
An amazing number in a Stockman article:
There are currently an estimated 70 million empty high rise apartment units in China, for example, because under the baleful influence of unlimited credit these apartments were built for asset appreciation, not occupancy. In fact, most of China’s tens of million of punters who have invested in these units have taken pains to keep them empty and spanking new; like contemporary works of art, appreciation potential can be impaired by damage and scrapes.In other words, those 70 million units are 'trading apartments, not living apartments'. If they actually became 'living apts', how would it affect China? From this wiki page, China has about 455 million households, averaging exactly 3 people per household. So the 70 million empties could hold 1/6 of all China's households. The average of 3 also amazed me. Obvious effect of the one-child policy, but I'd figured the usual Chinese household included at least one grandma or auntie. Nope. In fact all of the richer countries, even in Catholic parts of the world, have between 2.5 and 3.5 people per household. It's a remarkably constant number. ¶ 5:47 PM
