64 million empty apartments in a country with population of 1.3 billion is sub-5%, hardly reason for panic, and typical of any rental market in the US.
64000000/1300000000 = 4.9 percent is only a correct estimate of the vacancy rate if you assume that each apartment is to be occupied by only one person, which is surely an untrue assumption about China and any other country I have ever lived in. And see elsewhere in this thread
