UPDATED: Housing vacancy rate in major Chinese cities at 12%, analysts warn of oversupply risk in housing market

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The average housing vacancy rate in China's 28 major cities is currently at 28%, a relatively high level, according to a report released by the Beike Research Institute on Friday, based on a survey conducted in 30,000 residential communities in the 28 cities.

The analysts at Beike expect the vacancy rate to climb further and the housing market may face oversupply risks.

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