China is undergoing the largest real-estate bubble in history, and things keep getting weirder and weirder, with the specter of a burst bubble looming overall.
The Rural Development Institute of the Chinese Academy of Social Sciences reports that 25,000,000 rural homes are sitting vacant, accounting for 10.7% of the country's rural housing stock. Local governments have exacerbated the problem by banning the private sales of rural houses and subsidizing the purchase of urban homes.
The lofty figure is based on a study published Sunday by the Rural Development Institute of the Chinese Academy of Social Sciences, which sampled 140 rural villages in the country to estimate that, nationwide, 10.7% of homes are vacant in such areas. The occupancy issue, according to the study, stems in part from the long-term absence of migrant laborers, who leave their hometowns to pursue employment elsewhere.
25 Million Homes Vacant in Rural China Due to Migrant Workforce [Sixth Tone]
(via Naked Capitalism)
(Image: Graeme Maclean, CC-BY)
The FTC and the Justice Department are investigating claims that TikTok, the popular social media app with close ties to China, violated a 2019 agreement to protect children’s privacy.
Zoom performs work of China internet censors — against users in the U.S.
Starting on Wednesday afternoon, the trending list on the popular Chinese social media app Weibo will be banned for one week, the Cyberspace Administration of Beijing said, for “interfering with online communication orders, disseminating illegal information, and other problems”
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