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January 18, 2017

GHOST CITIES IN CHINA: 64.6 million empty homes, apartments & condos


Ghost cities of China exceed 64.5 million vacant homes

 

China may have the largest housing bubble in history of the world!

It is being reported that 64.5 million urban electricity meters registered zero consumption over a recent, six-month period in China. That led to a theory that China has enough empty apartments to house 200 million people. The story is related to the housing bubble, as the CAIXIN TABLOID reported in the summer of 2012.

An alarming report by  Lesley Stahl of  60 Minutes not only walks us through the abandoned city streets, but explains   how there are now entire cities being created all over China with no one living in them. “Statistical transparency is lacking in this area, so the truth about empty apartments remains under wraps. Publishing accurate data should be of the highest priority, since the size of the nation’s unused apartment stock is perhaps the most important measure of the extent and seriousness of China’s property market bubble. Indeed, it’s a grave concern for policy making, since unpublished data may indicate not only a price bubble but a quantity bubble burdening the market.”

There is major concern for the Chinese middle-class. The middle class have invested massively in property and now estimates suggest that property invest accounts for as much as 20-30% of the economy. As many as 24 new cities are being built every year! The Government has allowed this expansion to continue to keep the economy growing but the level of infrastructure development is far ahead of the demand for property.

As many as 24 new cities are being built every year! How is this possible ? The Chinese  Government has allowed for this  this expansion to continue i order  to keep their economy growing but the level of infrastructure development is far ahead of the demand for property.

12-20-2015 UPDATES

An empty street in front of a vacant residential complex in the city of Kangbashi, Ordos. The difference from last report in 2012  is that real estate prices in Kangbashi  have plummeted since  2010 and continue to do so. Dozens of migrant workers rent vacant office spaces as apartments for as low as $65 a month.UNHEARD OF!

An empty street in front of a vacant residential complex in the city of Kangbashi, Ordos. The difference from last report in 2012 is that real estate prices in Kangbashi have plummeted since 2010 and continue to do so. Dozens of migrant workers rent vacant office spaces as apartments for as low as $65 a month.UNHEARD OF!

 

 

The latest fear for developers in China in 2013?

“Wang Shi, CEO of  Vanke told “60 Minutes” that developers are deep in debt. Many have abandoned projects midway through because the money dried up. He warned that if the  bubble really did burst, China could see its version of the Arab Spring.”

A housing  bubble  could  literally  destroy China’s financial market for good, with no recovery in sight.

Zhengdong, a new area in the Hennan Province is like walking int a forest full of skyscrapers, except they are all empty.  (courtesy of 60 minutes)

“Central business district features a ring of significantly vacant skyscrapers.” (courtesy of 60 minutes and the Insider)

 

 

Empty developments outside Chengsha, China (Google Earth)

 

 

Just outside Angola’s capitol city of Luanda is Nova Cidade  de Kilamba a residential development of 750 eight-story apartment buildings, a dozen  schools, and more than 100 retail units, reports the BBC’s Louise Redvers.

Read more: http://www.businessinsider.com/chinese-built-ghost-town-kilamba-angola-2012-7?op=1#ixzz2Rc1ARbra

Nova Cidade do Kilamba Kiaxi – Luanda, Angola.   (Photo by ANGOLA Non-Profit Organization)

 

Read more: http://www.businessinsider.com/60-minutes-chinas-ghost-cities-2013-3#ixzz2Rc2cHYMy

 

Major concern for China’s middle class

The middle class have invested massively in property and now estimates suggest that property investment accounts for as much as 20-30% of the economy,with  24 new cities are being built every year! The Government has allowed this expansion to continue to keep the economy growing but the level of infrastructure development is far ahead of the demand for property. Developers are going bankrupt, and in most cases have simply abandoned the projects for miles and miles.

64 million vacant apartments in China,held by the middle class if investors.

 

We found that 60 minutes has the best coverage on this story, please watch it! Astounding!

 

Ghost Cities in China 2013

 

100% VACANT Ghost Cities in China

 

The Truth Denied Staff  Writer published April 26th, 2013

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22 Responses “GHOST CITIES IN CHINA: 64.6 million empty homes, apartments & condos”

  1. April 27, 2013 at 11:26 AM

    The fact is, NO ONE is moving into the housing. Second fact is many purchased the housing at very high prices , 3 generations money as investment, now that the housing bubble looms on China, it will wipe out 3 generations of their money. Keep in mind, they bulldozed homes from the elderly and the poor, as well as took out many farming plantations, to which millions are now homeless and living in the streets Alan Jones, so tell me, how is this SMART? Rick Martinez, part of what you suggest is spot on…….Cynthia Hamil, they are building 24 cities a year, but they have hit a STOP because all of the developers loans are defaulting, it is a financial mess, and a collapse is loooimng as the LEAD developer has explained….it will be the largest housing bubble the world has ever seen.

  2. Ava
    May 12, 2013 at 7:32 AM

    They should put their money towards cleaning up the environment!

  3. June 6, 2013 at 12:26 AM

    Ava, I agree with you. I also believe there is somthing very sinister going on here!

  4. Jon
    July 20, 2013 at 8:59 PM

    Simple math will tell you who has a bigger housing problem:

    China: population 1,400 million, 65 million empty APARTMENTS.
    USA: population 300 million, 18 million empty HOUSES.

    China’s empty apartments MAYBE need 90 million people (7% of pop)
    USA’s empty housing needs about 60 million people (20% of pop).

    And in addition, the Chinese are very stubborn and there won’t be a major panic/sell-off. Chinese developers often just sit for decades on a property rather than sell for less than what they want.

    Whereas American real estate prices can plummet FAST (see California).

    • December 20, 2014 at 7:20 PM

      Hello Jon. We wanted to update you : First of all, you got this right, and since we posted this article, matters are worsening in China.WALL STREET JOURNAL found that the problem lies in the excess supply in China’s third-tier cities. Vacancy rates for homes constructed in the past five years stand at 15% but are projected to rise over 20% in 2016-17. Rent is as low as $65 a month in commercial leasing in the city of Ordos .

  5. August 11, 2013 at 11:50 AM

    This seems a little crazy.. Is there a purpose we can not see beyond this. Maybe so. I’m sure we will awaken soon.

  6. Tim
    August 16, 2013 at 1:58 PM

    Actually the reports by the MSM are exaggerated and those cities are filling up with people. if you’re interested to learn more, see this series about a guy visiting the so-called ghost cities and finding plenty of life I’m them

    http://thechinachronicle.com/zhengzhou-zhengdong-china-largest-ghost-city/

    • August 16, 2013 at 2:08 PM

      Thanks so much for the information, we will take a look at this, much mahalo !

  7. Joghn
    November 8, 2013 at 9:51 PM

    Agenda 21 conspiracy? These conspiracies get truer every time the govt lies to the sheeple

  8. Russ Trew
    February 15, 2014 at 7:12 AM

    Here’s an idea…..what if China is expecting a sudden massive population growth, like an influx of refugees from around the globe?

    • February 15, 2014 at 1:21 PM

      That’s a good take on this Russ………..very possible.Something to consider.

  9. Corvus
    February 27, 2014 at 4:38 PM

    Are they maybe building these to house the population of another part of the world after an expected upcoming major disaster???

  10. Siloo Kapadia
    June 17, 2014 at 10:21 PM

    No doubt when the ca-ca hits the fan they will blame India, Japan,Vietnam, Philippines, Uighers and of course the “white devils” for undermining the “great Chinese socialist experience.” No wonder they are busy brainwashing their people that the threat lies OUTSIDE when in fact it lies with the Chinese communist party.

    • March 14, 2015 at 9:18 PM

      Great point! We still have little answers……….but we will be doing another article on this……….and by the way, the story does get stranger every day!

  11. Mike
    April 4, 2015 at 7:43 AM

    This is knot a mistake .
    They pre built a city ,with micro apartments this is probably for agenda 21

    • April 4, 2015 at 10:37 AM

      Hello Mike, Thanks for your comment. What makes you think this is linked to Agenda 21? Curious to hear your reply. Thanks, TTD

  12. CP Nair
    April 23, 2015 at 9:40 PM

    Wonder if these unused dwellings be given to homeless people worldwide!

  13. Inkiy Ki
    June 28, 2015 at 8:08 AM

    jkls Problem in USA = HIGH property taxes (school+Property) I live in NY my taxes are 30%, of assessment, my home at 200k I pay $6k a year in taxes.
    CHINA – HAS NO PROPERTY TAX U BUY YOU OWN FOREVER, NO FORECLOSURE NO ONE IS GOING TO TAKE IT AWAY. Thats why they can buy 10 units and sit on it for decades.
    USA= 18mill empty homes, geee I wonder why ????? and yet they raise taxes even more.

    • June 29, 2015 at 1:30 PM

      This is not correct, as China has over 17 million empty homes, EMPTY. Sitting doing nothing but getting old because they are unoccupied.
      Please explain where you are coming from?

    • April 3, 2016 at 9:12 PM

      Unless they bought with cash… they are still suspect to interest rates and a loss of purchasing power. And, since some prices are approaching 90X average household income… there will be tons of time for ups and downs.

  14. bekele
    December 26, 2016 at 1:11 PM

    Three years have passed and the doomsday has not arrived yet. Something wrong with our prediction?

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