China’s Ghost Cities and Malls
An estimated 64 million unsold units in China making the USA’s real estate bubble look minuscule in comparison.
“According to Financial Times, the country’s banks have been ordered to assess their viability if real estate fell 50%. Does this portend some kind of pricking of the much-hyped real estate bubble?”
“Kangbashi, a city in China’s Inner Mongolia originally designed to accommodate around 1 million people that currently has about 30,000 residents. The desert city is part of the Chinese government’s plan to add 36 million units of affordable or social housing in the next five years. Critics warn that “ghost cities” like Kangbashi are adding to the nation’s real estate bubble.” (Source: Bloomberg)