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TOPIC: China's Ghost Cities

China's Ghost Cities 28 Oct 2014 13:42 #1

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Who can forget China's ghost city of Ordos: back in late 2009, when the hollow shell behind China's torrid growth was first revealed to the world, the city near China's Mongolia border was cooler talk for weeks.



Fast forward five years later, and Ordos is all but forgotten, having been eclipsed by a veritable army of much bigger "ghosts" that make up the "ghost town network" - a list of cities created by the China Investment Network, a business newspaper in Beijing, to determine which cities were the most ghostly.

As Caixin reports, the newspaper devised its index using a government standard that says cities should have 10,000 people per square kilometer. The editors at China Investment Network determined that if a city's ratio of people to area was 0.5 – that is, it was half full – then it is a ghost town. To take the example a step further, if a city had a ratio of .10, then it had one-tenth the population the government thought it deserved. Based on this approach, at least 50 Chinese cities fit the description of "ghost town." The large city of Weihai, in the eastern province of Shandong, and the tourist destination of Sanya, in the south's Hainan Province.



And here is how a Goldman analyst recount his "on the ground" visit around some of the more prominent Chinese ghost cities. From Goldman's Kenneth Ho:

In August, the GS Asia Credit Strategy team spent four days in China, visiting a number of property development projects as well as a couple of well-publicized “ghost towns.” While this brief trip to a limited number of developments is unlikely to provide a full picture of the real estate market in China, it does offer a first-hand look at some of the most widely cited concerns about China’s housing build-up. Kenneth Ho offers his takeaways (and pictures) below.

Less ghostly than expected, but still spooky

The couple of “ghost towns” we visited, while less desolate than some press reports would suggest, were indeed very quiet. We did not prearrange the visits, and we went to the sales offices as well as seeing the properties. Both towns we saw have been in development for about a decade. Tianducheng, or Sky City, on the outskirts of Hangzhou has been reported by the press as deserted (e.g., by Reuters). Although the development was relatively quiet, there were a fair number of occupants in the residential buildings, and we got the sense that tenants were slowly moving in. The staff at the sales office told us that the occupancy rate is around 60% for the completed and sold units. There is further development in Tianducheng, and we did see more construction work taking place – but it was not the desolate town portrayed by the press.

A second well-publicized “ghost town” (e.g., by the South China Morning Post) we visited was Jingjin New Town, on the outskirts of Tianjin. This development is mostly comprised of villas and separated into ten phases. According to the staff at the sales office, phases 1 to 4 have been mostly sold, and phase 5 may be released later this year, though there were no plans at that moment to release phases 6 to 10. We believe that half of the development (phases 1 to 5) have already been built, with the other half (phases 6 to 10) yet to be constructed. Despite most of the completed villas having been sold, from what we saw, the occupancy level is very low, and some unsold villas are not in the best shape. The sales office told us that the project targeted retirees or second/holiday homebuyers working in Beijing and Tianjin (hence the low occupancy), and that it is busier during public holidays and weekends. We cannot verify this statement, and it is difficult to assess which factors are driving the low occupancy rate. Projects of this type have not been attracting much demand, and the town was very quiet overall. That said, we did not see a significant amount of uncompleted constructions. As in Sky City, however, it appeared that more development was coming through.




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China's Ghost Cities 29 Oct 2014 06:27 #2

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Knowing that China id not to have a strong middle class , as in the west, one wonders if societal unrest isn't to some degree intentionally baked in -



(Orangeaide's first vid - twice today I've come acroos vids that said ' not available in your country ') ......this second one has the same toy store , could be the same place - shows a slightly ' contrasting perspective. But it seems to me the bottom line is to get the Chinese off the land to lack future self reliance on growing their crops - but not at 300k for a crap apartment. One wonders' what the magnitude of corruption is - probably quite staggering ......these Provincial Governor's mutli million or billionaires.
Last Edit: 29 Oct 2014 06:37 by Lizzy.
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China's Ghost Cities 31 Oct 2014 09:44 #3

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China: Welcome to the world's largest (and loneliest) shopping centre



It was trumpeted as the world's largest retail mall, with shoppers able to browse through 1,500 stores, take a stroll along a mock Venetian canal or even have lunch in front of an 85ft replica of the Arc de Triomphe.

But the New South China Mall, which opened in 2005, stands empty with 99 per cent of its shops having remained unleased and attractions including a 553-metre indoor and outdoor roller coaster standing idle.

It was designed to attract an average of more than 70,000 visitors a day to the city of Dongguan, but has less than a dozen shops in its 9.6million sq ft of floor space.



Abandoned: The New South China Mall is the largest in the world, with space for 1,500 stores, but has less than 12 shops

Just before it opened the mall, which is located in China's southern Pearl River Delta, it was heralded by the New York Times as part of 'China's astonishing new consumer culture'.

The mall's developer, Hu Guirong, sent a team travelling around the world for two years in search of ideas.

It features seven zones modelled on different parts of the world, including a replica of the bell tower of St Mark's Square in Venice, as well and area dedicated to downtown San Francisco.



Eerie: Shop workers walk underneath a 550m rollercoaster in the deserted amusement centre



Vast: A man on a tricycle passes a Russian-styled triumphal arch at the 9.6million sq ft shopping centre

David Hand, a retail analyst at Jones LaSalle in Beijing, said: 'They set out to the be the biggest, and hoped that being the biggest would be the attracting factor.

'It hasn't delivered.

'The Chinese love shopping, they love brands, and they love international products, even though the average income is low.

'New shoppers are born everyday. We won't run out of them.'

China has been hit hard by the global recession, and the city of Dongguan is known for its popularity with low-paid factory workers.

The only occupied areas of the mall are near the entrance, where several Western fast food chains sell burgers next to an abandoned go-kart track. 

Dick Groves, a retail consultant based in Hong Kong, said the failure of the New South China Mall was down to inexperience in leasing business and an undisciplined financial system.

'When it's easy to get financing without having to convince someone of the project's feasability, and without having to show pre-leasing commitment, you can start to get into trouble,' he told The National.



Failure: Only Western fast food restuarants have survived at the mall's entrance

Around 500 new malls have been built in China over the last five years.

All of them are said to be waiting for the arrival of the middle class, with China the largest growing economy in the world before the recent global recession.
www.dailymail.co.uk/news/article-1223747/Ghost-mall-The-worlds-largest-loneliest-shopping-centre.html
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China's Ghost Cities 31 Oct 2014 10:11 #4

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



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.


Zhengdong - all empty


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


Empty developments outside Chengsha, China (Google Earth) 

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.


100% vacant cities.

www.thetruthdenied.com/news/2013/04/26/ghost-cities-in-china-64-6-million-empty-homes-apartments-condos/
Last Edit: 31 Oct 2014 10:13 by Orangeaid.
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China's Ghost Cities 31 Oct 2014 17:21 #5

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Good sh@t things are happening after all.......

Let all the big boys collapse!

Who can afford all this sh@t anyway?
You wait once the already non existing Dollar goes toilet.... :wissl: :cool2:

Then not just China will look like it ...........
Then the Fiat-Jew bankers & all there pimp Masons cabal brotherhood will all go like this >> << A Hundred years of corruption, lies & usury all for nothing! :thumbup:
@ oiram @
Last Edit: 31 Oct 2014 17:58 by Mario.
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China's Ghost Cities 01 Nov 2014 23:08 #6

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China Real Estate Bubble Continues To Deflate

http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_article_large/public/2014/03/12/china-property-market.jpg=

A potential buyer looks at a model of Riva, one of the latest developments by Sun Hung Kai Properties, in Hong Kong

BEIJING — China’s new home prices fell in July from June for a third straight month and price softness spread to more major cities, underlining a worsening property downturn despite efforts by many local governments to shore up the sector.
 
“The uncertainties on the outlook of the property market have kept potential home buyers standing on the sidelines,” said Liu Jianwei, a senior statistician at the National Bureau of Statistics (NBS), said in a statement accompanying the data.
 
China’s once-heated housing market has slowed this year as sales and prices turned south in their biggest pull-back in two years, driven in part by the cooling economy and by the national government’s five-year-long campaign to keep price rises in check.
 
The fall in prices adds to concerns about the health of the economy and followed news last week that property investment slowed and property sales fell sharply in July.
 
“We expect home prices will continue to drop in coming months due to increasingly pessimistic market sentiment,” said Yan Yuejin, a property analyst at real estate services firm E-House China in Shanghai.
 
“The possibility of further moves by the central bank to loosen monetary measures could not be ruled out. That will put a floor on the downside of prices,” Yan said.
 
Average new home prices in 70 major cities fell 0.9 percent in July from the previous month, accelerating from June’s 0.5 percent monthly drop, according to Reuters calculations based on data issued by the National Bureau of Statistics on Monday.
 
The softness in the housing market, which accounts for more than 15 percent of China’s annual economic output and directly impacts around 40 other business sectors, has become an increasing drag on the broader economy.
 
Even if the slowdown lasts for more than a year, though, a market collapse is seen as unlikely if local governments continue to relax controls and banks keep credit ample, according to a Reuters analysts poll last month.
 
The NBS data showed new home prices fell in 64 of the 70 cities in July from the previous month, up from 55 cities in June, indicating the downtrend was widening.
 
Compared to a year ago, new home prices were up 2.5 percent in July, slipping from the previous month’s 4.2 percent gains and marking the slowest annual growth in 17 months.
 
Existing-home prices also dropped month-on-month in 65 cities in July, compared with 52 in June.
 
A growing number of local governments have eased restrictions on property purchases in recent weeks, while state-controlled banks have also revved up lending to the sector, though some analysts believe banks are increasingly reluctant to lend to some developers as the downturn persists.
 
At least 30 regional governments, which earn a large part of their revenues from selling state land, have openly or quietly relaxed home purchase restrictions this year, according data from private consultancies.
 
While easier access to loans is seen as one key to preventing a sharp correction in the property market, a survey released by Standard Chartered indicated many developers were finding it tougher to access funding through banks or trust loans.
 
Respondents said borrowing costs were rising, and most felt banks did not appear more willing to extend loans to first-time home buyers despite encouragement from the central bank.
 
Several domestic banks in Shanghai, including Bank of China Ltd, China Construction Bank Corp, Industrial and Commercial Bank of China Ltd and Agricultural Bank of China Ltd, denied that they had lowered interest rates on property loans, the China Securities Journal said on Monday.
 
(Reporting By Xiaoyi Shao, Hou Xiangming and Koh Gui Qing)
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China's Ghost Cities 11 Jan 2015 06:27 #7

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Those ghost cities were built for a purpose.We aren't talking about a strip mall that hasn't been filled and a big mistake.But rather foresight for herding the sheeple into large pens.
Agenda 21 Comes to China In Stealth
Agenda 21 is being implemented in China at breakneck speed and the latest phase is coming in under stealth and deception.

The Chinese government is in the process of relocating 250,000 people per week from rural farmlands to densely populated urban areas into what has been dubbed as the Chinese ghost towns. Many of us have heard about these Chinese ghost cities. However, until this year we didn’t really know the true purpose of why these ghost cities were being built. However, the veil is being lifted and now it is becoming very obvious as to what the Chinese are up to.
www.thecommonsenseshow.com/2014/08/23/the-chinese-provide-a-glimpse-of-an-american-post-collapse-society/
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China's Ghost Cities 24 Apr 2019 02:44 #8

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