China’s Ghost Cities
Mamta Badkar, Business Insider
We have written about China’s ghost towns — neighborhoods with massive new buildings not inhabited by any people. Many see this as the clear evidence of overbuilding and a housing bubble.
Yale’s Stephen Roach has said, however, that China’s modernization is “the greatest urbanization story the world has ever seen,” and that these ghost cities will soon become “thriving metropolitan areas.”
But analysts say most Chinese people can’t afford the types of homes being built in the ghost cities.