China's ghost cities

[witchcraftz]

In China there are now neighborhoods with massive new buildings not inhabited by any people. Many see this as the clear evidence of overbuilding and a housing bubble.

Analysts say most Chinese people can't afford the types of homes being built in the ghost cities.

China has been trying to get a grip on its property market for some time now and some say officials are in control and have been deflating the housing bubble.

However, the risks of the housing bubble evolving into a financial crisis appear to be high.

60 Minutes video

[sabbySC]

Re: China's ghost cities

Looks like a direct product of the corrupt society they have built. It is crazy that they build all of that, yet the Chinese with the money to do so, run as fast as they can to countries like Canada. It is a very corrupt place, and those who are managing to bilk the denizens of communist faithful are running to developed countries that will welcome their money and protect their rights. Those same rights they so clearly ignore when it comes to filling their own pockets. I guess we should take some consolation in the fact that this issue is really not tied to nationality, as it applies to the wealthy across the world. I suggest that if we ignore the injustice that takes place around the world, we Canadians may end up living in these ghost cities, while the global elite enjoy the land we currently call home.

[R_Ethug]

Re: China's ghost cities

yea that 60 minutes last night was crazy!!!

like the empty mall with the fake signs!

if people actually can afford to move into them then go nuts but you can't build it and 20 years later they are empty..

i said to my wife i'd almost be tempted to fly over there and check these places out too see how empty they truly are.

[flipstah]

Re: China's ghost cities

I remember reading about this a while back and saw this vid. Eerie:

[petoria]

Re: China's ghost cities

*cricket*...

[Canadian Turbo]

Re: China's ghost cities

Well a communist based society and a housing bubble do not really fit that well together..... Perhaps some subsidies to help fill the homes would be a way to keep the market intake and not waste the buildings with I am sure millions living in shacks.

[Jester B]

Re: China's ghost cities

Why is it that all I see in the video is a chance to come rely rip through a city at high speed without fear of "the other guy"?