Very important point.
A common way of measuring China's surplus housing stock is by "months of sales". Housing inventory actually peaked back in 2015 at nearly 28 months of sales. It's now back at late 2013 levels of a little over 23 months of sales. Nothing to be alarmed about, even if it rises a little.
That omits the fact that big amount of the "buffer" was unsold for way way more than a few years, and the most liquid part of the stock are the bespoken 1000sq metre luxury mansion apartments.
