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    China’s ghost towns

    China

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    -Desolate: These skyscraper in Chenggong, where there are already 100,00 new homes, should be bustling with life but are instead empty








    -Zhengzhou New District residential towers: Soaring property prices in China and high levels of investment has fuelled the construction of up several new cities. Experts fear a subsequent property crash could damage the global economy




    -Property bubble: Zhengzhou New District features vast public buildings that have never been used


    These sprawling housing developments and skyscrapers in one of the world's most populous countries, should be busy and swarming with people. On the contrary, the stunning pictures above show elaborate public buildings and open spaces that are left completely empty.

    In fact, according to satellite images recently published by the Business Insider, there are more than half-a-dozen newly built cities/towns in the world’s fastest growing economy that are entirely empty. These are China’s ghost towns.

    Most of these cities built during the last six years – some twice the size of Los Angeles, some don’t even have a name, but all of them with world-class facilities.

    According to a recent report, there are more than 70 million uninhabited houses in China, a country that has been reportedly building an average of 10 cities a year over the past few years. Recently, China announced plans to build 20 cities a year for the next 20 years.

    One such city is Thames Town, built as a replica of an Austrian village, Hallstatt, at the cost of $9 billion. It was built in 2006 as part of Shanghai's "One City, Nine Town" initiative, an attempt to decentralize the city. Today, it’s a ghost town, with empty shops, almost no resident and unused roads.

    It has an artificial lake and a few tourists – photographing every building there for the past few years – have been the only sign of human life there.

    Blogger triplefivedrew, who visited Thames Town in 2010, likened the place to the set of The Truman Show.

    Last year, Forensic Asia Limited first reported the empty Chinese cities. And in about six months since the report, the country has built about six more of them.

    "China consumes more steel, iron ore and cement per capita than any industrial nation in history. It's all going to railways that will never make money, roads that no one drives on and cities that no one lives in. It's like walking into a forest of skyscrapers, but they're all empty," Gillem Tulloch, an aanlyst for Forensic Asia Limited, said of Chenggong.

    Tulloch said that apartments in Chenggong, a fishing village near Hong Kong, were selling for up to $80,000. He added: “People there were joking that no one in Denaya could afford to live there.”

    Chinese government think tank have warned that the country's real estate bubble is getting worse, with property prices in major cities overvalued by as much as 70 per cent.
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  2. #2

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    This is really sad. They need to reduce the prices. China clearly has it's eyes set on being a world superpower by building cities all over the place (country with a lot of highly developed cities = sign of wealth) they're losing more money by the cities being unused, rather than the properties sold off/rented out more cheaply than they had originally envisaged.

    China, get your head out of the clouds and stop overvaluing your property.. it's losing you a lot of money!
    Last edited by GymTanAndLaundry; 21.06.11 at 01:12.
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  3. #3

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    what a waste too see all of this builds are unused :/
    better make a good price and invest or stay without anything
    Last edited by ErRor; 22.06.11 at 09:22.
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  4. #4

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    wats the point in building then wen no one can afford it or it empty zone ?

    Those building are damn amazing....
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    Chinese gov as the richest gov in the world ,is faking GDP by building a lot and showing off to the world.
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