Cities like Yingkou in China’s northeast rust belt were among the earliest cities in the country to be overbuilt. [...] Yingkou, along with other cities, sold vast tracts of lands to developers to build apartments for the workers who – they hoped – would populate the new factories, malls and industrial parks to come. [...]
But investments have been slow to materialize, and newcomers are scarce in Yingkou, a city of 2.4 million with a population that hasn’t grown much in the past few years. — blogs.wsj.com
Ordos fell away beneath us: a wide, sweeping wasteland of empty towers and silent, disused streets. ...The odd car moved slowly along the main road, where it looped around the centre of Kangbashi to cross the Ordos bridge, and out towards Dongsheng – but for the most part, from this height, Kangbashi looked like a model city; its radical architecture reduced to novelty ornaments, its unfinished towers scattered like broken bricks across a sandpit. — Business Insider
For those who do not believe travelers’ tales, there is the Chinese government’s own report, from 2010, concluding that home ownership rates in China were then nearly 90%. This compares with a world average of 63% and a U.S. average of 65%. — Forbes
Anne Stevenson-Yang (co-founder and research director of J Capital Research Ltd.) penned an op-ed regarding the status and future of the Chinese housing market. The gist - massive urbanization has led to a vast oversupply according to the governments own figures and she predicts that "these...
The $3.5 billion development covers 12,355 acres and was built to house about 500,000 people, and this is one of "several satellite cities being constructed by Chinese firms around Angola," writes Redvers. — businessinsider.com
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