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China is now Asia’s least equal society with 1% of the population controlling more than a third of the country’s wealth, most of which is tied up in property. Alarmingly, China’s property vacancy rate is estimated to be 22%, suggesting that 49m homes are sitting empty and have been bought by wealthy speculators. That equates to around 30% of all apartments sold in the past decade. How long can the bubble continue given such a large number of empty and expensive apartments?

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