Totally COLLAPSE! 3,500 New Ghost Cities Emerge in China: Trillions Wasted in Spectacular Missteps
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- Situated 15 kilometers south of the urban district of Baodi in Tianjin, amidst wheat fields and forests, stands a cluster of European-style structures. Hidden beneath the verdant canopy, this villa complex, known as the "largest villa area in Asia," is called the Jing-Jin City. However, since its opening more than a decade ago, its occupancy rate has remained extremely low. The place has earned its nickname as the "largest ghost villa in Asia." So, what could be the reason for such a massive empty city located between Beijing and Tianjin, two mega-cities?
#ghostcity #ghosttown #chinaobserver
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What a waste of resources. It's breathtaking.
No, you're breath taking
@@MisterZalgoHe is correct tho. Total waste.
This video makes me really suspicious of where the money and capital came from to build these empty projects. It makes me suspicious that much of the wasted capital actually came from retirement funds and sovereign wealth funds of other nations who invested in these Chinese developers and are now going to be losing those investments. The capital is real no matter what some party or group thinks.
We’ll see. When the migrants take over, or a huge catastrophe happens, you may relocate there, insuring that the owners will get a good ROI. Did you get it?
@@RocketPipeTVyeh it’s been built for a purpose not by mistake
There is still no such thing as private ownership of property in China. The state still owns the land. There should be no property market at all when its really just buying and selling long leases for crappy quality buildings. There will never be quality construction in China until the buyer owns the land the building is on.
What happens when you stop paying property taxes in the United States? 🤔
@@DrakeDealerdiversion won't work sir.
Someone else who can afford the house steps in and buys it.
We did that and paid it off in 9 years.... living within your means does that 😅
@@DrakeDealer not the same at all. Taxes are taxes, There is no end date where the property reverts
@@jonchicas-hw9op You would think the property to depreciate at least 1/70th per year.
@@brianjones7660 yes it can be essentially rented to someone else by the government. Although the United States is miles better than China, you’re definitely ameribrained if you believe it’s that easy to not lose the one thing you need to live a healthy life.
Honestly, what a stupid argument. As if there aren’t problems that could arise due to health or other things outside your control.
The waste of money let alone the environmental impact is hard to comprehend. China's in for a world of pain long term!!
Jesus is not in China .. They are going to hell
How is it possible to China having so many empty houses and young people have to stack decades of their salaries to buy some shack in big city?
Because Chinese don't rent out property because they are already renting it from the government. The real question is why would the value of a property go up when the government is leasing the land the building is on to the "owner" and will take back possession at the end of the term. Every year means one less year left on the land lease which means the property should be depreciating. Unfortunately Chinese property "buyers" thought values were only going to go up and did not intend to rent them out.
Because people want to buy in first tier cities, the empty houses are in small cities that overbuilt.
Because they work 12 hours a day. If their commute to work is like 3 hours long then they won't even have time to eat and sleep.
It's crazy.
In New York, a condo costs 10 years salary. In China, buying an apartment costs 100 years salary.
It is an investment. A young man without a home has little chance of attracting a bride. So his grandparents chip in to gain a descendent.
Also, for most of America, a home costs 4 to 5 years wage. There are some expensive cities, but farmhouses (peasants) are the price of an acre, plus $5k for well, septic, power pole, plus whatever mobile home you drag onto the lot. ($5k for the delivery, including setup.) So, for $20k you can live fifteen minutes from Walmart, an hour away from medical care, an 90 minutes from a job (other than minimum wage retail).
You get what you pay for: one of the things you pay for is convenience, another is investment.
When supply and demand is decoupled through: regulation, subsidies, corruption, and speculation
then there will be chaotic mismatch
So many beautiful empty homes and cities while hundreds of millions of Chinese suffer in tiny rooms they call home.
Such waste and destruction. It's beyond tragic.
I have a friend who's parents back in China own multiple "investment" homes that they've never visited. I guess that's not uncommon
It's the only way to get an income during retirement! What else are you going to do? The stock market there is VOLATILE and nobody trusts it.
Looked like a great investment opportunity back then when real estate was booming, then things crashed.
What's there to expect? These places are empty for many reasons. Most of these are owned by price scalpers and speculators. There is also that bizarre culture of having to own multiple properties to prove one's worth/value. Further more, most people dont have the income to purchase or live in these. Where are they going to work?! Where are the jobs? No ones going to spend 5 hours commuting to work. Might as well live over there. Dont forget the dangers of TOFU construction. Many of these places have already collapsed under they're own weight. Insanely expensive properties literally falling apart in a couple of years. People dont actually own any of this, merely paying absurd amounts for a temporary permit to live there.
China is a lie. Even the green grass in some places is just dirt with paint over it. (literally, paint)
The bizarre culture of flaunting wealth to attract a mate or falsely exuding power? Definitely unique to China. None of that in the good old west.
It is a shame that so much good agricultural land has been ruined.
You can blame greedy, uneducated people for that.... that's about 85% of the Chinese population.
The same has happened in the U.S. and is still happening.
@@geoh7777 NWO.
@@geoh7777 Not even remotely similar.
We don’t have ghost cities.
Worship the global legal structure goy
Nothing fails as hard as a Planned Economy
Yes that is 100% true
and these commies say capilalism the worst thing on earth...
🙃👎
Like Germany now.
Humans are so confusing, all these homes and they are just sitting there gathering dust.
It seems, “ If you build it, they will come..” … has gotten Lost in translation 🤔
🏆
That's funny dude.
How weird - a whole tower block of apartments and only one occupied and lit up at night. It must be really spooky and quiet. Imagine if you heard footsteps or the elevator suddenly began. You could go nuts living there...
Rather a construction worker forgot to turn light off.
@@nowy5 No, it's mentioned in the narrative and highlighted in the video...
Or you could simply enjoy the quiet
🤣🤣🤣So much for going "Green" ♻, eh !?@@nowy5
*one* could go nuts living there. Speak for yourself. As long as i'm living with sane, professional people, it doesn't matter if i live with 1 or 10,000,000 people. as long as they are chill considerate people. last time i was amongst professionals was the navy. you must be accustomed to living in a supermassive rat race with chaos and noises going on every weekend. you can enjoy that
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Wow! 3500 ghost cities!? Not units, not buildings, but entire cities!?
Remember when all our politicians tried to use China's infrastructure spending as an example of what we should do?
High speed rail springs to mind.
@@protorhinocerator142What a stupid thing to say. Public infrastructure is NOT the same thing as private housing. You're aware that one of the major reasons the US has been successful in the second half of the 20th century is investing in public infrastructure like, you know, the INTERSTATE SYSTEM?
@@isocarboxazid I'm not sure you understand how communism works.
Every story I've read puts the number of ghost cities closer to 50, not 3500. That's still a lot of cities, but jumping from 50 to 3500 is quite a stretch.
LOVE the idea of US high speed rail! I hate flying.
“50,000 people used to live here. Now it’s a ghost town.”
In the American west there are ghost towns. The sprung up around gold mines; they were there to service the miners. For every miner there were nine service people; shop keepers, horse handlers, saloons, wenches, school teachers, law enforcement, churches, clothing repair/cleaning, and politicians.
When the gold in the mine ran out, the people left.
In China, 10k people are the construction workers, and four to one support crew. The source of gold (money) is investors. When the money runs out, the workers leave. The support crew, with no one bringing in new money, leave also.
The problem still happens. In Seattle (Washington, USA), Boeing makes jets. During a downturn, the Boeing employees bought a billboard on the edge of town, reading, "Will the last Boeing employee to leave please turn out the lights." Houses could be obtained by legally taking over the patments. Can't do that now, but the warning about "company towns" where one employer brings in the real money (economic foundation), that remains an important lesson.
Probably "50,000 peasants used to live there" but displaced by CCP in order to build ghost cities.
These planned communities never work out. You can't simply "build it and they will come". There has be be some inherent reason for these communities to develop. Whether that commercial opportunities, natural resources, entertainment districts etc. The fact that these "plans" didn't include shops, school etc shows how clueless these developers are. They have to be self sufficient, not dependent on people willing to commute to/from the bigger urban centers. China's real estate fiascos will contribute strongly to it's downfall. China has enough for each person to own 2 homes, this isn't sustainable and a symptom of the CCPs corruption.
High growth areas and planned communities exist in other nations. The failure of the microeconomics in these areas is reflective of there being no financial reward for a business to start or to be owned in these areas. There is no reason for the person to venture the money and time if there is no long-term benefit to their family for living in such a place. Ultimately, one needs to own their work. If you can not own your work, people just move to where they can.
There are not 2.8 billion modern homes in China. You just bullshitted that comment.
Did I? Tho I didn't mean "homes" as in single family, detached homes. I meant "dwelling" as in real estate. Most of it is in those giant deserted planned communities with dozens of empty apartment towers or in half built apartment complexes that will either never get finished or fall apart before they are. There are dozens of these littered around China some of which have already been knocked down by the CCP. I didn't make it up, it has been estimated by "experts" so are they BS? Maybe, however the real estate market in China is absolutely collapsing. Why? Over supply.@@clowncarqingdao
Combine that with the biggest demographic cliff in the world outside of japan, the shoddy construction of everything and poor investment choices "it aint my capital. IDGAF," and you have the mother of all economic stagnations ahead. The "it aint my capital. IDGAF" is the fatal problem of public ownership of means of production and public (taxpayer) capital as Murray Rothbard wrote, in different words lol. No one has real skin in the game and risk of financial loss, so no one sweats and scrutinizes every single capital allocation.
@@halrox247the signaling mechanism of pricing is a thing. When it is impaired bad ju ju happens. Our little commie up above wouldnt know about cumulative capital misallocations, but he is likely to see the results in his lifetime in china. Of course he will blame china's stagnation on the source of all evil, America, or just say they didnt government plan hard enough.
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If Jing-Jin is 110km North West of Beijing, 50km South of Tianjin and 80km East of Tangshan that would make Jing-Jin a giant circle surrounding these cities.
Yeah, I noticed his directions were backwards
@@michaeloakes37 Thank you for pointing that out; I noticed that immediately. What else might he have gotten wrong?
In China all the maps are upside down so that would make the directions correct
Confused east with west, and north and south. Circle jerk
@@MegaSnow121 It's a basic translation error. Directions in most Asian languages are spoken in very different ways than they are in English.
All these constructions are massive. So much materials and labour went into building them. What a waste.
The level of air pollution in these cities is insane. On my way to Nepal we had to stop over in a Chinese industrial city. The pollution was intolerable. Also, If you must move to one of these cities, make sure to check the sewers to see that they go somewhere and are not fake.
Also fire hydrants, fire alarms, sprinkler systems, electrical....basically anything and everything can be fake.
Woke corp makes billions off that pollution.
@@Chihirolee3the army too ??
A country with the fastest rising average age in the world keeps building like their pop is increasing like countries as Egypt.
But their pop will go down and they cant stop that so more and more cities will become a ghost city
The sheer waste of good land, resources and energy is just beyond sad
How on earth can China keep building city after city and not implode.
Yet on and on they go. A seemingly endless flow of money down the drain.
And no matter the day to day downside of an economic recession the long term design of China by the CCP always has the ability to find a way to survive and thrive while every other recession hit civilization always seem to fail spectacularly...but not China.
Their fortune is running out.
Chinese economy is dependent on construction. Apparently the CCP feels that they need to keep building something, even if demand has cratered.
They're pivoting to manufacturing green technology. I'm not buying ev anymore. Don't want to pollute China, you know.
Those aren't cities, they're concentration camps. Cities start from nothing where transportation, commerce, and natural resources are in abundance. Concentration camps are placed where none of those things will help the prisoners escape. 😢
if you build it... they will come... unless the 'they' only exists in government data and reports... gee... who would have thought the distoring such fundemental stats as popultion growth, local gdps, and such could be so problematic...
If there are so many empty houses, surely the CCP should offer to accommodate their share of the refugees who are heading to over-crowded Europe and North America?
Or does it not work that way...?
China is very racist and hates foreigners.
Racist Han Chinese will not accept the foreign people of any kind...
It looks more like communist housing in a suburb rather than a "city" and that will always fail, we have been doing that for 60 years now around the world, but architects are the worst for designing a city but we still think architects are better than the random that was behind old cities like London or Paris, and the ugliest parts of those cities are designed by architects.
I heard a decade ago that China pours every 3 years. The same amount of concrete, that the west had poured during the 19th century.
Thanks for putting this into context.
CCP.....Cities to nowhere. 🤣🤣🤣
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China used more concrete in 3 years than the U.S. used in the entire 20th Century. That fact used to baffle and amaze me -- until I found out that all that concrete was mostly sand, crumbly and weak, "tofu dregs." And not river sand, but sea sand. Now, when I look at these cities built almost instantly, I see sand castles that will soon collapse. Who would want to be inside one when that happens?
Officials obviously don’t know anything about urban planning and don’t understand what people want.
It has nothing to do with that, and everything to do with crooked real estate speculation to make a quick buck. Builders pre sell all the spaces. People who buy the spaces flip them. People buy from the flippers to flip. Building never gets built, or remains unfinished, with nobody ever intending to live there in the first place
Why didn't they build beautiful single family homes instead? Who wants to live in a tiny, overpriced box when they're used to an ancestral home with their own land. And the American dream is owning your own land with a house on it, not just owning whatever the government allows you to buy. Poor Chinese people, they aren't even allowed to own land huh?
They could definitely be rented out to military forces for urban warfare training 😅
Just like a CoD map!
Or provided to the millions of refugees from other countries to show China's generosity?
(Xi isn't the great humanitarian he might portray himself as, needless to say...)
ew COD. battlefield 2030 would be the game @@NegiSpringfieldTV
Massive high speed rail is heading to the path of doom. Unsustainable expenses annually to operate making the rail networks crumble and inoperable in time to come.
Additionally 1000000 inhabitants wants to head to Beijing simultaneously within an hour using one line.
While at the same time millions of people (including China, Europe, US) can't afford their own home or condo. What a waste of resources!
If you want people to come and live in a city, you either need to provide jobs and services -- for a normal city, or amenities for the elderly, for a retirement community city. However, in the case of China, with its filial loyalty, I do not think you can have separate retirement communities where the elderly live apart from their middle-aged children. So pretty much, IF you want people to live there, you need to have places for them to work. In a government-run economy, this should be simple: install schools and hospitals, move government offices and government industry in, and bing, it _should_ start to grow.
You would need to train communist leaders how to understand economics.
That means first getting rid of communism. They will never understand economics.
@@protorhinocerator142These Chinese Communist leaders have apparently understood economics well enough to develop China into the 2nd largest economy in the world, within the next 10 years China will have the worlds largest economy 😅
China created the high growth GDP numbers by building these empty projects. In normal economics, the lack of immediate ROI would have halted the further burning of capital. But, this is not a capitalistic system. It's centrally controlled and reflects bureaucratic thinking. The correct approach is to look at capital flows and how commercial productive work occurs.
With so many square km of rural ag land being converted to these empty cities, it makes one wonder how China's agricultural/food crops are being grown in close proximity to the major cities.
Once these projects are built on ag land, can the empty projects really be demolished and the land returned to productivity? Not all of a nation can be cities. The food and water must come from somewhere.
@@goldenpacificmedia China has destroyed much of its own food base in favor of urbanization.
The land wasn't that great to begin with. You clear out the ghost cities and you''ll most likely have sand and stone. Not a lot of useful soil.
It only looks simple in a government run economy. Just add a pinch of schools and a dash of manufacturing, top it off with a layer of service industry and voila! 😂😂😂😂. People who want government to remake the world should be required to take micro 101 and macro 102 before being allowed near the kitchen. Even Krugman would probably agree with this moderate libertarian on this one.
Honestly, these ghost cities would make great settings for a modern fantasy setting.
It's already been done though--History Channels' "Life After People".
It has been done many times.
@@comicus6769 was thinking more about something like Hell Boy or American Dragon.
@@nicholase82Or a low population take on Neuromancer.
Judge Dredd and Chappie vibes
The best defense against communist authoritarian dictatorship is to strengthen democracies from corrupting influences and nepotism. It takes an active and concerted effort of the people, to ensure that our democratically elected politicians are truly representing our interests.
We must also address what hostile communist countries are doing, both domestically and abroad. Democratic Nations must stand together against their lawlessness in defense of global security, human rights, and enforce International Law.
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@@tedthesailor172 You sir, are a tankie, and you feel okay with that?
I'm against all authoritarian dictatorships, not just the 5 or so communist ones.
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The places make old dying American cities like Detroit, Cleveland and St. Louis look like bustling metropolises. What a shame.....what an incredible waste.
This is so weird, it looks like a massive misallocation of capital and a horrible waste of resources.
Imagine the global environmental benefits if these Chinese developers stopped this ridiculous overdevelopment. Hopefully, the bursting of the Chinese real estate bubble will stop them, or at least slow them down.
Either your map is wrong or you are completely disoriented with your North, South, East, West definitions.
The Chinese real estate ponzi scheme. Amazing.
City needs many supporting facilities besides railway connection e.g. water treatment plant, sewer treatment plant, electric substations, industrial area/commercial business area allocated etc. I do not see/hear any plan for those except dwelling construction! Do they still expect people will move in? Just FYI - currently 90% of raw sewer is dumped into rivers, I understand.
They should make zombie apocalypse movies in these empty cities.
They have a home problem. We have a homeless problem. Seems like a solution waiting to happen.
the wef🐍world economic forum globalist🐍elites should send those people in africa and south and central america into china to fill those ghost cities that the ccp🐍/cpc🐍have built for many tears..
A city designed as a bedroom community, like Jing Jing was, where many residents will be commuting to a big city to work, needs to have everything required for a bedroom community: schools, hospitals, and especially excellent rail and freeway connections to the hearts of those big city work districts. That means governments getting together to plan and _guarantee_ that commuter rail lines and stations will be built as promised. If a city sabotages a regional growth plan by say, moving or cancelling a train station in a big city work district, the regional government or courts should intervene to prevent that.
No courts was the reason why China was able to develop in 30 years where other western countries would have needed 200 years. From agriculture tin and bamboo huts to skyscrapers
After such a huge investment it's madness to get cheap on the vital infrastructure
and what do they stand to gain from that? The real estate crash was engineered to siphon money globally, because you can just cross it out as a loss. This is the biggest crime syndicate movement of the global mafia right infront of our eyes, yet everyone just blames "communist china". All that money, yet their lower class still live in poverty and the middle class still struggle. Soaring housing and rental prices are happening globally, yet a country with such vast land spends so much to build housing. What for if not as what I stated? And where does all this lead to? The banks. Houses were build for banks, never for the people.
China doesn't have a real legal system.
Finding skilled health care workers, teachers for schools, and commercial workers is not easy. It's even more difficult when the government is attempting to do this in a few years time. It takes 4 to 8 years of university level education and training to fill those jobs. More importantly, the residents can not be charged full price up front at the beginning of the project. For the developers of these sites, they got paid before the project was started. That's unfortunate for the buyer and the future resident. In the rest of the world, the money for the residence does not "close" until the home is completed and inspected.
Unfortunately for this situation, the local government seems to have literally put the cart before the ox. The construction needs to be financed by the developer and not the buyer up front.
You emit 2 tons of CO2 to produce 1 ton of steel.
To make 1 ton of cement you emit nearly 1 ton of CO2.
These cities represent billions and billions and billions of tons of CO2 emitted for nothing.
When you realize that a single volcanic eruption is more carbon then humans have emitted in all of history then you’ll know that CO2 emissions are nothing to worry about. It does nothing to the environment. Wake up…m
this is what hapens when you play sim city irl.
tofu-dregg
It was a property investment scam.
Globally, generational wealth is more & more necessary to achieve the purchase of property. The changing economics re property ownership makes risk of investing into not just one generation but sometimes three. In current Chinese property environment, why would any family put themselves at risk especially after probably watching neighbors & friends lose everything in last few years.
They are basically forced too. Unless you're extremely wealthy you cannot invest or get your $ out of the mainland. The stock market is extremely unstable, leaving only real estate to invest in. Because the CCP knew that capital flight would collapse the economy faster (the policy still didn't work), they've created the biggest bubble in human history. There won't be a functioning mainland economy in less than 10 years. Communism has failed every time (44 different countries) in over 100 years of trying. China will be no different.
The days of reckoning and retribution have come.
Revelation 18 - The fall of Babylon
you know what this reminds me of, the eden project, the mice in that experiment had a similar distribution
Tofu dreg ideology is rampart in this so-called puny country .😮😮😮
Built, of course, with borrowed money. Donkey Investors Oweing Donky Debt.
Did anyone else notice the narrator doesn’t know his North, South, East and West?
And all "Tofu Dregs" in construction too I bet. What a waste. Talk about a real estate bubble.
You don't need so many buildings when your population is shrinking.
fucc make new cities why dont turn it into a farm people needs food than toxic foods
It's just as bad with some products they've built like EVs and ridesharing bikes. All brand new, dumped in waste yards that are gigantic, rotting away.
I call dibs on this one for two yuan. gonna use it as a GTA playground.
This is so incredible. I find it difficult to believe, to be honest.
If you build it the leeks will buy.
Tofu people make tofu projects and have tofu morals!
The population is declining, and China does not encourage in-migration, so there is no fix for these empty cities in the foreseeable future. By the time China actually needs additional housing, these poorly built structures will be crumbling (not enough Italian artisans!). On a positive note, millions of workers were paid to build these cities over the past 20 years. Had they not been building cities, what would they have been doing?
Being part of building a stable economy based upon proven economic principles. Imagine what things could have been accomplished seeking to better China, becoming a world leader in showcasing what happens when you ask not what your country can do for you, rather, to aaask whaat YOU cain do foer yoour COUNTRY! *applause*
At about 1:20, the directions are wrong.
It's that oofconomy again.
offer existing owners cash to buy the houses at 33% market value. use them for social housing and pay people to move there and pay less well off PRC citizens them to live there for 5 years (assuming there is transit like along the high speed rail network this is probably better than tearing all these ghost cities down. perhaps open PRC's borders to refugees from west africa, palestine and latin america. they might pay to move to places like these where there is less crime and crowds.
Han Chinese are staggeringly racist, they have never accepted non Chinese immigrants in any era of history.
Never happens...
That will never happen because China is racist as hell.
When bankruptcy doesn’t discharge your loan obligations, the risk may be too great.
Another genius act by CCP!
Old people need a good hospital near by
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As to the video, low interest rates led to speculation with property development. What you see now is the result from such monetary policies. Great video too!
1:06 I'm quite sure you mean Beijing's centre is North East of Jing Jing, same for the other cities.
The two main reasons for the Chinese housing bubble burst is demographics and how investment works in China. China's fertility rate is so low than there simply aren't anymore young people to buy new buildings and the migration from rural areas has run out. The investment issue is simply because China doesn't really allow many investment options -- stocks, bonds, etc. are heavily regulated, you can't invest oversees, many businesses are government owned/controlled, etc. So, for most people, this leaves realty. So, you have lots of Chinese buying a second condo as an investment.
It's called communism.
I'm confused. I thought that housing was provided in a purely communist system. And I thought that materials and labor were all owned by the state, so there is no need for western style financing, marketing and individual choice purchases. So what is the need for "Financing" or purchase by individuals? Id bet if you took homeless or suffering rural populations and offered this housing, they would say :yes".
Perhaps its for POWs
You could nearly see the sky through the pollution in some of those location .
Move Gaza to one of these cities
The planned investment money is the project. 1/3 of that money is stolen by local officers and 1/3 is stolen by other stakeholders. 1/3 may be used to build tofu houses
Give to the Palestinians
Spooky and eerie.
Winnie the Pooh
The solution is simple if difficult. Create thriving businesses. The term factory town exsists for a reason. Create strong economic incentive and people will come
@patrickmcathey7081 You need to watch the 100 other videos on empty factories throughout China. 😂
These bureaucrats should've played SimCity or Cities: Skyline before wasting billions of dollars of developer's money.
so much waste
Well, at least this might give some struggling working people a chance to buy affordable housing!
China is in pain now because nobody is buying. However, did you know the carnage in the US in 2008?
"2008. By August 2008, 9.2% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. Between August 2007 and October 2008, 936,439 US residences completed foreclosure." (Google AI)
China has over four times as many people as the US.
More rails, more ghost cities. That’s China growth model 😂😅
中国太多錢了，一点问题也沒有
When I was in China during the mid 2000 to late 2000, I was always frustrated by a "lack" of experience and culture. Shanghai, Guangzhou areas were cool, lots of life/culture. Shanghai was cultured/hip, felt safe everywhere just about, while Guangzhou was a madhouse, dirty but lots of grits amongst its inhabitants, plenty of restaurants w/ excellent food and some interesting architecture thrown it. Beijing, Qingdao, WeiHai, Hangzhou, Wenzhou, were lacking (very disappointed w/ Beijing and Wenzhou, neither felt safe, always felt like being "watched" by stalkers/thugs....). Qingdao was charming till the Olympics, then the local Hillbillies w/ their corruption and grandiose ideas in their little minds ruined everything, place got destroyed aesthetically speaking. People were attractive there, that was the saving grace. WeiHai had so much potential as well, just poor urban planning, wasting all its natural beauty and curves in the land contours.
watched another YT video that explained the basic problem. The central gov’t pressured the provincial governments to report ever increasing GDP figures so that the national GDP was high. The provincial gov’t made deals with developers, no doubt lots of corruption, to build these huge developments without regard to marketability. This included infrastructure like roads. The huge amounts to labor and material required resulted in high GDP which was reported to the central gov’t. The end result is what you see in this video.
Right now on 1-28-2024, 17, 000 Yuan is US $2,395 for 3' x 3' floor area. But hey had 2 parking places or 20,000 of them in a square mile free to use. LOL
19,000 Yuan now is US $ 2,677.
So just imagine what 17,000-19,000 yuan was about 5 years ago in 2018 in China..
Too expensive by miles and miles and miles as we say in the US.
That is New York City prices for a moderate single or 2 bedroom apt size of 400-600 sq feet that has millions of people around it..................not some Ghost city empty unfinished building amongst 100s of them.
I have an idea. Balance out the US trade debt with China by exporting them our homeless. China has plenty of empty buildings.
I love how the narrator uses the words "akin to fulfilling the AMERICAN middle class dream? WELL YOU ARE NOT IN THE UNITED STATES...you are in "china".
1: people were buying these as an investment. (not smart)
2: these provinces build en mass to help prop the countries GDP which they are required to do.
Look the big difference between the USA and china is we are a free people and grew organically on our own
and china like to copy or steal from others but just like cheating on a test in school when it comes to apply the knowledge gained, well they have NONE. AND ALL LAND IN CHINA IS STATE OWNED
Hehe.. you people talk too much... someone does something incredible..and your like.... *Nye nye nye... This that and that.. " Mind your business... ".. If they are ghost cities... Good thing they ain't haunting you...
I lived in a failed condo conversion project some years ago. When the real estate market collapsed, units stopped selling and the contractor eventually went out of business. For a while, we were about 10% occupied. I guess living there was somewhat similar to living in some of these ghost cities. Which is to say, sort of nice in that it was always pretty quiet and no property crimes. In my case the story ended well because the real estate market eventually recovered, I rode it out, got my money back, and upgraded to a much nicer home.
One thing though, given that China has enough overstock in housing to house another billion people or so I've heard, we could at least house a much larger population. Feeding them may be a problem.
@@AndrewStevens-cd5jr Not all of them but a good chunk yes. The problem is Chinese people buy property before it's even built, so their investment can end up being worthless. It all depends on luck.
@@momo777777777777777 That and why would you build something that lasts longer than the ground lease? Thats the difference between NYC and Shanghai. Here a 100 story buildings that is 90 years old but its maintained as an asset with continuing value. Chinese buildings age 5 years every year.
@@barryraymond9004 90 years buildings in NYC are money pit, with HOA fees with over $800 no central air, rats etc. Consider China's real-estate as stock marked, what ever you see in this video are losses, can happen.
To bad most of those apartments arent livable tho
how was the construction building? Did they took any Short-cut to save money?