Why Is China Building Empty Cities?Submitted by JoeDanger on Thu, 12/16/2010 - 23:19
And Now Presenting: Amazing Satellite Images Of The Ghost Cities Of China ... The hottest market in the hottest economy in the world is Chinese real estate. The big question is how vulnerable is this market to a crash. One red flag is the vast number of vacant homes spread through China, by some estimates up to 64 million vacant homes. We've tracked down satellite photos of these unnerving places, based on a report from Forensic Asia Limited. They call it a clear sign of a bubble. – BusinessInsider
Dominant Social Theme: Nothing to see here. Just investments.
Free-Market Analysis: Even at the height of the mortgage boom in America, US builders were not erecting empty cities, were they? Did we miss something? In China, apparently they are. In our quest to present what's going on, we've documented some uncanny occurrences over the past two years, including the vacant city of Ordos in Mongolia. But what BusinessInsider has provided us, courtesy of Forensic Asia Limited is a series of satellite images that prove that Ordos is not a unique event.
China is actually littered with what Business Insider calls ghost cities, and the satellite pictures provided would seem to prove it. It's a pretty amazing presentation, showing how the power of the Internet, when married to space technology, can come up with important results. Here are some photo captions from the article: