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Thread: In China, some new cities are ghost towns

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    In China, some new cities are ghost towns

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    May 19 04:31 AM US/Eastern

    In China's Inner Mongolia, Kangbashi district offers residents "new modern" living, with tree-lined streets, shiny apartment buildings, vast parklands, restaurants and even a motor racing track.
    But seven years after construction workers broke ground on the arid plateau, most of the apartments appear empty and the wide streets are almost deserted -- earning Kangbashi the tag of "ghost city".
    The new section of Ordos city on the edge of the Gobi desert was designed to accommodate about 300,000 people but residents say fewer than one-tenth of that number live in Kangbashi. Estate agents insist the number is much higher.
    New districts like Kangbashi are springing up across China as the world's second-largest economy undergoes an unprecedented urbanisation process with hundreds of millions of people heading to fast-growing metropolitan areas.
    Ordos is part of a nationwide building boom that has been fuelled by a massive credit binge, raising fears of a real estate bubble and a potential explosion in bad debts, especially among local government investment vehicles.
    In the northern port city of Tianjin, the government is building an "eco city" covering 30 square kilometres (11.6 square miles) of non-arable salt pans and former fishing villages that can accommodate 350,000 people.
    Near the southwestern city of Kunming, authorities started developing a new district for nearly one million people in 2003 but the area is reportedly still largely empty.
    What the heck are they doing?
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    Re: In China, some new cities are ghost towns

    Quote Originally Posted by American View Post
    What the heck are they doing?
    It's a symptom of the real estate bubble that is growing in China. In fact, the whole Chinese economy has the symptoms of a bubble: Lots of people who pour money into it and applaud the high returns that it offers, while convincing themselves and others that this will continue forever.

    At some point that bubble is going to pop, and it's going to have a negative impact on the global economy (although probably not as bad as our real estate bubble did). China should be very concerned about it.
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    Re: In China, some new cities are ghost towns

    What Kandahar said.

    They knew this was coming sooner or later.
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    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
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    Re: In China, some new cities are ghost towns

    After many. many. years China has learned the Capitalist System is the way to go and they have not yet learned that it has peaks and valleys, they need to plan for.

    They have built whole cities, in which no one lives yet in anticipation of continued growth.

    We here know these cycles, except for some Liberals who believe after years of failure that Tax and Spend is no way recover.

    China needs to remain calm and stay on the path to Capitalism and they will one day come to the realization that a "Democratic Republic" is the key to success, and by then the rest of the world may wise up as well.

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    Re: In China, some new cities are ghost towns

    Quote Originally Posted by American View Post
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    What the heck are they doing?
    Same thing we did LOL. When China's economy bust, its going to shake the world.

    Quote Originally Posted by Councilman View Post
    After many. many. years China has learned the Capitalist System is the way to go and they have not yet learned that it has peaks and valleys, they need to plan for.

    They have built whole cities, in which no one lives yet in anticipation of continued growth.

    We here know these cycles, except for some Liberals who believe after years of failure that Tax and Spend is no way recover.

    China needs to remain calm and stay on the path to Capitalism and they will one day come to the realization that a "Democratic Republic" is the key to success, and by then the rest of the world may wise up as well.
    Yea, China is a shining beacon of capitalism... I mean crony capitalism.

    When will everyone learn that boom and bust cycles can be stopped by some simple restraints and pragmatism, and actually following the principals of capitalism laid out by Adam Smith instead of pursing the Evil Maximum to the fullest and inevitable toxic conclusion.
    Last edited by xpiher; 05-20-11 at 02:00 AM.

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    Re: In China, some new cities are ghost towns

    Quote Originally Posted by Councilman View Post
    China needs to remain calm and stay on the path to Capitalism and they will one day come to the realization that a "Democratic Republic" is the key to success, and by then the rest of the world may wise up as well.
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