CHENGDU , China, June 12 (UPI) -- A survey indicates 22.4 percent of residences in China are vacant, a sign of a cooling real estate market and potential trouble for the Chinese economy.
The report, by China's Southwestern University of Finance and Economics, said the number of vacant homes grew from 20.6 percent in 2011. Owners chose to leave the homes empty instead of sell them, and builders and investors who constructed them during a housing boom fueled by relaxed credit rules are concerned more about unsold inventory than building more.