CHINA has a serious problem: 4 MILLION houses that no one wants to buy
About 700 kilometers northeast of Beijing is a mansion development designed as a place of residence for China's high society. Plans for the site included a golf course, convention center and hotel. The development was originally planned by Greenland Group, a Shanghai-based developer. It began construction in 2010, but as Wall Street Journal reporter Jonathan Cheng reported in a video for the newspaper, two years into the project, construction was halted and now only ruins and abandoned houses remain. In fact, the development has been occupied by local farmers, who have begun plowing the land between the houses for their crops. In addition, they already graze goats in makeshift corrals and the garages of the abandoned mansions are now used to store hay. And this complex is one of many abandoned throughout China, reflecting the severe real estate crisis that the country has still been experiencing for a few years. So the questions are: Why are there about 4 million homes that no one wants to buy? What measures were finally taken in May 2024? But why are those measures not going to get the Chinese back to buying housing like before?
Music:
Whatdafunk by Audionautix is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/...
Some sources of interest:
The Wall Street Journal (2024). China's Housing Market Woes Deepen Despite Stimulus
https://www.wsj.com/world/china/china...
The Wall Street Journal (2024). China's Property Crisis: Inside a Ghost Town of Abandoned Mansions
https://www.wsj.com/video/chinas-prop...
Artist: http://audionautix.com/
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