Conley
03-18-2012, 12:18 PM
http://news.bbcimg.co.uk/media/images/59116000/jpg/_59116399_newordosemptyapartmentblocks_624.jpg
A huge statue of the mighty warrior Genghis Khan presides over Genghis Khan Plaza in Ordos New Town. The square is vast, fading into the snowy mist on a recent Sunday morning.
Genghis Khan Plaza is flanked by huge and imposing buildings.
Two giant horses from the steppes rise on their hind legs in the centre of the Plaza, statues which dwarf the great Khan himself.
Only one element is missing from this vast ensemble - people.
There are only two or three of us in this immense townscape. Because this is Ordos, a place that has been called the largest ghost town in China.
Most of the new town buildings are empty or unfinished. The rampant apartment blocks are full of unsold flats.
It is a spectacular example of a new Chinese phenomenon, in many cities - unsold flats, unlet shops, empty office blocks”
If you want to find a place where China's huge housing bubble has already burst, then Ordos is the place to come.
The story started about 20 years ago, with the beginning of a great Mongolian coal rush.
Private mining companies poured into the green Inner Mongolian steppe lands, pock-marking the landscape with enormous opencast holes in the ground, or tunnelling underground.
Local farmers sold their land to the miners, and became instantly rich. Jobs burgeoned. Ceaseless coal truck convoys tore up the roads.
And the old city of Ordos flourished as the money flowed in.
The municipality decided to think big, too.
It laid out plans for a huge new town for hundreds of thousands of residents, with Genghis Khan Plaza at the centre of it.
And it is merely the most spectacular example of a new Chinese phenomenon, in many cities - unsold flats, unlet shops, empty office blocks.
It looks to outsiders as though the great Chinese building boom is over, the real estate extravaganza that shook the world.
Western financial experts who fear a bursting of the Chinese real estate bubble point out that the Chinese economy is more dependent on house building than the United States economy was, before the sub-prime lending bubble burst in 2007.
http://www.bbc.co.uk/news/magazine-17390729
I think China is in for some serious trouble, especially as oil prices continue to rise.
A huge statue of the mighty warrior Genghis Khan presides over Genghis Khan Plaza in Ordos New Town. The square is vast, fading into the snowy mist on a recent Sunday morning.
Genghis Khan Plaza is flanked by huge and imposing buildings.
Two giant horses from the steppes rise on their hind legs in the centre of the Plaza, statues which dwarf the great Khan himself.
Only one element is missing from this vast ensemble - people.
There are only two or three of us in this immense townscape. Because this is Ordos, a place that has been called the largest ghost town in China.
Most of the new town buildings are empty or unfinished. The rampant apartment blocks are full of unsold flats.
It is a spectacular example of a new Chinese phenomenon, in many cities - unsold flats, unlet shops, empty office blocks”
If you want to find a place where China's huge housing bubble has already burst, then Ordos is the place to come.
The story started about 20 years ago, with the beginning of a great Mongolian coal rush.
Private mining companies poured into the green Inner Mongolian steppe lands, pock-marking the landscape with enormous opencast holes in the ground, or tunnelling underground.
Local farmers sold their land to the miners, and became instantly rich. Jobs burgeoned. Ceaseless coal truck convoys tore up the roads.
And the old city of Ordos flourished as the money flowed in.
The municipality decided to think big, too.
It laid out plans for a huge new town for hundreds of thousands of residents, with Genghis Khan Plaza at the centre of it.
And it is merely the most spectacular example of a new Chinese phenomenon, in many cities - unsold flats, unlet shops, empty office blocks.
It looks to outsiders as though the great Chinese building boom is over, the real estate extravaganza that shook the world.
Western financial experts who fear a bursting of the Chinese real estate bubble point out that the Chinese economy is more dependent on house building than the United States economy was, before the sub-prime lending bubble burst in 2007.
http://www.bbc.co.uk/news/magazine-17390729
I think China is in for some serious trouble, especially as oil prices continue to rise.