China is building massive cities that nobody lives in.....Ghost Cities

KingofNicotine · Jun 17, 2011

I just found this way too interesting.

http://www.youtube.com/watch?v=pbDeS_mXMnM

bigtendominator · Jun 17, 2011

China's economy is going to go bust in 10 years

KingofNicotine · Jun 17, 2011

I don't get it. They say it's for stimulating the economy but as you can see in the video the buildings are starting to deteriorate.

82Guy · Jun 17, 2011

Those cities are for the American Upper Upper Middle Class who will eventually cut bait once the banks finally drop the hammer on the national debt.....

barman · Jun 17, 2011

Must be true....

While I don't know a large number of American Upper Upper Middle Class, the ones I do talk to just can't shut up about their dream of retiring to China

:drink:

celticGreen+ · Jun 17, 2011

That's pretty wild. What's up with the bottom photo? Looks to be plenty of cars, people, and even a boat...

KingofNicotine · Jun 17, 2011

chenggong-already-has-100000-new-apartments-with-no-occupants.jpg

heres-one-of-the-giant-empty-developments-outside-changsha.jpg

jb777 · Jun 18, 2011

bigtendominator said:
China's economy is going to go bust in 10 years

Please elaborate

celticGreen+ · Jun 18, 2011

the aerial shots look mostly just like tract housing... but the streetview ones are pretty wild

RobFunk · Jun 18, 2011

I don't understand why they just don't drop the rates. Get them occupied, keep the maintenance up. If it was populated it would be more attractive to people. No one wants to move to a ghost town.

celticGreen+ · Jun 18, 2011

i bet in relation to the US in the 70s the ghost cities are warranted... think of all the tract housing that was built around the US, and with China's population, this may not be as crazy as it seems

snoop · Jun 18, 2011

RobFunk said:
I don't understand why they just don't drop the rates. Get them occupied, keep the maintenance up. If it was populated it would be more attractive to people. No one wants to move to a ghost town.

They can't Rob. As they have a massive inflation issue to deal with right now. They box themselves in the corner.

As for housing market in China, most investment came from the Gov, (similar to Fannie & Freddie in the US), so they might be able to manipulate it for a while.

FrankieCarbone · Jun 18, 2011

All they need is Fannie Mae and Freddie Mac to set up shop, offer no income, no verification loans @ around 5% over 40 years and they're in business.

Don't worry about bubbles...after a few years, the Chinese government is sitting on so much cash, they'll be able to bail the whole country out.

Murphy8276 · Jun 18, 2011

I will move there if they lower prices a bit. If u learn Chinese, i bet its valuable to be English speaking their for jobs.

-murph

China is building massive cities that nobody lives in.....Ghost Cities

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