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Reply #45: China's Ordos property bust offers warning sign [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 09:01 AM
Response to Reply #26
45. China's Ordos property bust offers warning sign
http://www.guardian.co.uk/business/feedarticle/9976132

ORDOS, China, Dec 2 (Reuters) - The monumental, neo-Mongolian sculptures, empty plazas and hulking concrete shells of buildings in Ordos district, deep in the steppes of Inner Mongolia, are a potent symbol of how China's property boom can turn to bust.
Off the back of a thriving coal industry, the local government has been building a new city for one million people called Kangbashi. It sits virtually empty and property prices are falling.
Even in the old city of Dongsheng where people live and work, some 45 minutes drive away, a wave of investment has backfired. Cranes sit idle over unfinished skyscrapers and migrant workers are fleeing.
The swing in fortune -- residents and property agents say prices have dropped by up to a third -- is a severe example of what is happening in cities across China, including Shanghai and Beijing.
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