China's ghost cities
Created Wednesday, 30th March 2011, 14:12 by Whykay
From virtually empty shopping plazas/malls to apartment blocks. Empty homes because many can't afford them. Demolishing old houses to make way for upmarket condos which either remains empty, go back on for sale or up for rent. How will China sustain all this building? Watch the video, I felt shocked with the scale of the construction in China. From the report, there are "64 million empty apartments in China". 64 million, I wonder if that figure is mis-quoted? That's an awfully big number, in any regards, watching the video doesn't underestimate the underlying problem.
This bubble is big, we are suffering our current financial crisis and who would want another property disaster at this scale? I wonder what else the Chinese government are doing to quell the surge? I see in Beijing, in order to buy an apartment, you have to have put down a 50% deposit and clear the balance in three years. I'm just cringing on the mortgage my husband and I have at the moment which is 30 years. High deposits are also necessary in HK in order to purchase your own property due to many Mainland Chinese property buyers. It's simmering at boiling point, I hope something is done before it's too late. Haven't we all learned from the lessons, ones that we are still reeling in at the moment?