2014年08月18日

China's housing boom is becoming a disaster.

It laid out plans for a huge new town for hundreds of thousands of residents, with Genghis Khan Plaza at the centre of it.
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Genghis Khan plaza

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紅葡萄酒

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Ten years later Ordos new town is an empty new city.

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.

Many Chinese local authorities seem to have become dependent on the proceeds of big land sales to developers.

In the eyes of the critics, China's housing boom is becoming a disaster.護髮產品
紅葡萄酒

Well, the authorities in Beijing have taken notice of the direst warnings. They have been taking official action to rein in the speculative buying of multiple apartments over the past two years.卸妝產品


Chinese economic commentators seem much less concerned than the Western doom-mongers. They are still confident that the technocrats in Beijing who have guided China's 30 years of spectacular economic growth will soon be able to balance supply and demand in the housing market.
Ordos Many ordinary people who invested in property, have lost money

The same relaxed attitude was apparent in a couple I met in a spacious apartment in Ordos, in the middle of a building site.



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