Very few things blow the wind out of me these days, but last night's 60 Minutes story on China's real estate was an astounding surprise.
Whole cities, countless of highrises with thousands of mid- and upper-luxury apartments, thousands of parking stalls, hundreds of miles of landscaped and illuminated city streets, and multistory shopping centers. All brand new and ALL EMPTY. Totally vacant. Never occupied. AND NEARLY 100% SOLD!
Welcome to the fake world of development of resources that few need and much much fewer can afford. The article China's Ghost Cities provides a summary but you need to watch the 60 Minutes story.
There could be well over 100,000 people in this town. There is nobody there. Such an unabashed waste of effort and resources!
Whole cities, countless of highrises with thousands of mid- and upper-luxury apartments, thousands of parking stalls, hundreds of miles of landscaped and illuminated city streets, and multistory shopping centers. All brand new and ALL EMPTY. Totally vacant. Never occupied. AND NEARLY 100% SOLD!
Welcome to the fake world of development of resources that few need and much much fewer can afford. The article China's Ghost Cities provides a summary but you need to watch the 60 Minutes story.
There could be well over 100,000 people in this town. There is nobody there. Such an unabashed waste of effort and resources!
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