16June20256:02PMHKTAsiaEconomicsAnalystChina’sDemandforNewHomestoStayLow(Shan)nIn2021,wefirstpresentedourestimatesofChinesedemandfornewurbanAndrewTiltonhousingthrough2050.However,ourearlierestimatesdidnotaccountforthefactthatinvestmentdemandinChinacouldturnnegativeasownerssellvacant+852-2978-1802andrew.tilton@gs.comapartments,andthatthe2015-18government-ledshanty-townredevelopmentGoldmanSachs(Asia)L.L.C.shouldresultinfewerdemolitionsinsubsequentyears.Inthisnote,weincorporatethesetwofactors,alongwiththelatestdemographictrends.HuiShannChina’sfallingpopulationandslowingurbanizationsuggestdecreasing+852-2978-6634hui.shan@gs.comdemographicdemandforhousing,al...