Yah, I saw this in the real estate prediction thread. It's pretty crazy if you think about it. I wonder how the Chinese government is going to try to solve these. What's really crazy is that you have millions of people who are probably homeless or living in run down shacks, yet you have all these condos that are empty.
I heard the reason for building these cities is they are to be the new homes for people who are being forced to relocate from the farms?
If thats not the case and China just has enough money to build a new city that is empty, that is just crazyness.
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MYK - Supports Arizona to democtratically pass laws for the state of Arizona
Rudy was the only hope in 08
2011 Election: Cons 40% - Nanos 38% Ekos 34%
The problem with the Chinese real estate market right now is all these high prices are driven entirely by speculation by the rich and affluent investors. It's only a matter of time before the the whole bubble will collapse again because there's no one actually buying the units. Can we say massive recession?
This is absolutely frightening. Puts the government in a precarious position does it not? Keep pushing the GDP at the expense of their populations well being, or cut economic growth and tend to the millions of Chinese in a terrible living situation.
At this point I think they at least need to find some kind of balance between those two options. What a mess this could end up being.
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That may be one of the "official" reasons, but can any of those farmers afford prices of $100,000+? Nope. Not even close.
I was under the impressions that maybe not the high end but other economical buildings were being built to house them sort of as a ghetto project type setup.
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MYK - Supports Arizona to democtratically pass laws for the state of Arizona
Rudy was the only hope in 08
2011 Election: Cons 40% - Nanos 38% Ekos 34%
The problem with the Chinese real estate market right now is all these high prices are driven entirely by speculation by the rich and affluent investors. It's only a matter of time before the the whole bubble will collapse again because there's no one actually buying the units. Can we say massive recession?
The problem right now with China is that the rich are super rich, and the poor are dirt poor. The culture over there right now is to basically do anything you can for the mighty dollar. That's why you see so many quality control issues over there, be it lead paint, or poisoned baby formula. There are no control, and everyone is desperately trying to make it rich.
I preferred it before, it had such a presence in its incomplete form. An Egyptian communications company is cladding it as part of a contract for mobile phone service in NK I believe.
Chinese Ghost Cities
