China Ghost Cities

[Skyfarmr]

Caught this on news, and thought I'd share this.
The satellite photos are incredible, miles and miles of skyscrapers....with NO PEOPLE.
The ultimate in speculation investment.

‘It’s like walking into a forest of skyscrapers, but they’re all empty:’ See China’s ghost cities for yourself

http://business.financialpost.com/2013/03/05/its-like-walking-into-a-forest-of-skyscrapers-but-theyre-all-empty-see-for-yourself-chinas-ghost-cities/

caption: With as many as 64 million vacant apartments in China, the nightmare scenario could be like America's housing crash but worse.

more images on Financial Post' site.

 

[Voyageur]

Have been watching these ghost developments for some time; and there are a lot of them. There are shopping malls that rival any ever built and they are empty. These cities/developments seem to have been built displacing people/farm land and old communities. They have been a means of work, like make work projects, and then the people go back to their communities never being able to pay the $60,000 some odd thousand for a home on their minimal incomes.

There have been a great many contractor/developers who raised the money either from savings of people (who may loose it all when that bubble bursts) or perhaps there has been some kind of laundry machine at work funding these developments to artificially boost the GDP and stimulate the Yen - it is all so strange that i've no real answer. One thing however that can be imagined is that suppliers of goods (building and finishing products) would have unloaded much inventory stock in these developments. Also, construction equipment, civil engineering, electrical & telecommunications grids, water and sewer etc. would have been in high demand and all paid for.

Question might be, what would the effects be of these ghost development bubbles bursting? Think it would create quite a wave.