BEIJING (Reuters) – China may need to replace more than half of its housing stock in the next 20 years, a researcher at the housing ministry said in remarks published on Friday.
Most flats built between the 1970s and 1990s are cramped and uncomfortable, falling well short of today's standards, Chen Huai, who heads the ministry's policy research office, was quoted as saying by the Southern Metropolis Daily.
The trend for households to upgrade to more modern flats, along with urbanization, is a fundamental driver of demand for property in China.
"Homes that were built from 1979 to 1999 can last only for another 10 to 15 years because their original design no longer meets the demands of people living in a fast-developing city," Chen said.
(Reporting by Aileen Wang and Alan Wheatley; Editing by Jacqueline Wong)