Vacancy estimates for new residential buildings in Shanghai run as high as 25% — yet about 250, 000 new apartments flood the market each year, official figures show.

预计上海新住宅的空置率可能高达25%，不过官方数据显示，每年仍有25万套左右新住房涌入市场。

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In New York, that figure may seen surprisingly low, but we're not even talking about apartments, because the figures exclude residences in multiunit buildings.

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