Mr Ruan, a former construction engineer, estimates that a third of homes built in recent years are empty. There was no more work for him in his chosen profession, so he moved to a textile firm. He is stung by the fall in property prices—about 25% in his area. “You feel poorer, you don’t want to spend,” he says. His expectations for the future are more modest. “We just want stability,” he says.

Oh no, we made a surplus of housing to fulfill the needs of everyone and then some and the housing "market" now favors the proletariat! Won't somebody think of the poor real estate "industry"?