China's Ghost Cities and Malls
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Channel: etfideas
Views: 2,259,224
Rating: 4.8544879 out of 5
Keywords: china, bubble, property, real estate, collapse, jim chanos, jim rogers, marc faber, hugh hendry, shenzhen, beijing, daya bay, dongguan, economy
Id: rPILhiTJv7E
Channel Id: undefined
Length: 14min 38sec (878 seconds)
Published: Thu Mar 24 2011
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:( Poor guy he should try moving his shop to a better location.
We should start a kickstarter fund to buy an entire mall and convert it into a world paint ball tournament center.
They also drove up the cost of raw metals while they were doing this.
That's one of the reasons some wargaming companies, like Games Workshop, started switching their range over to plastic and resin. The cost of their raw metal was getting too high because China was buying it all up.
Reminds me of Civ 5 when i have a ton of workers with a huge empire and just set them to autobuild
I studied abroad in Zhengzhou and we actually went on a day trip to the New District. They tried to show off their growth and expansion but it was VERY apparent that it was all empty. We were also taken to some western-style luxury apartments that were being built. I doubt anyone is living there right now. There was a ton of construction all over Zhengzhou and it was clear that buildings were being built for no reason. There were construction sites right next to empty office complexes. When the bubble bursts, China is really going to feel it.
Do note that unlike a lot of other countries that can support huge cities, China still has a massive rural population that is trying to move up.
A ghost city for Germany, the US, or Canada is a lot worse than for China which has a rural population (of all these countries combined) trying to climb up to city life.
My understanding is that China is building these cities as a preemptive measure for an increasingly large urban population. By constructing the cities before they are needed rather than allowing the cities to grow with the population the Chinese government can have tighter control over the layout of the city. For instance they can ensure that there is a school for every X number of city blocks, rather than having to deal with figuring out where to put schools after there are already a significant number of children living there. This is basically the ultimate act of urban planning.
Who is funding this, just the government? Who owns the properties? Where is the money coming from to do this?
Shouldn't they lower the asking prices for these apartments? Would doing so just turn them into 'ghetto' type locations?
Looks like a graffiti, parkour, street racing, skateboarding, etc playground.
Can I go?
edit: thanks dontrockout