China's Ghost Cities...And China builts 20 More...WHY?
China's ambitious urbanization plan has helped create many ghost cities.
Tianducheng, the Paris replica ; the South China Mall, the largest shopping complexes in Asia ; and Kangbashi in Ordos, China's most famous ghost city, showed that they were still empty two years after been completed but after 2012 to present being fill by people.
A Chinese urbanization expert told it's as though Chinese officials "basically draw a circle on a map and they build it, and then they expect people to go and move in." The "gamble" is that cities might be empty now, but they will be filled up later.
While some argue that this is symptomatic of a massive property bubble in China, this really shows the presence on individual property bubbles across China.
China's ghost cities...and China builts 20 more...why?
China wants to relocate 250 milions people from countryside to the ghost cities. The ghost cities are receiving people from countryside grow by numbers.
Most of the properties are cash buyers will not pose problem like sub-prima scandal in US.