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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: "There’s city after city full of empty streets and vast
government buildings, some in the most inhospitable locations. It is
the modern equivalent of building pyramids. With 20 new cities being
built every year, we hope to be able to expand our list going forward." |
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| Not surpising that
Progressive China has Fannie Maes and Barney Franks. |
Cuzzin "won-tons-of-fun" Ricky
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Those condos/town homes could be in South Florida also.
ReplyDeleteShouldn't that be Barney Flanks ??
ReplyDeleteI just read somewhere that 1 in 6 homes in Fla. is vacant.
ReplyDeleteBut back to the Chinese. Vacant buildings are a problem in our economy. The owners have to pay property taxes and make loan payments. It's different with a centralized economy. A better comparison would be empty structures on military bases or in parks.
Or its planning far, far ahead (something the Chinese are good about when you dont have to campaign every four years.)
ReplyDeleteScoop up everyone from the scattered villages, put them in centralized 30-story apartments then use all that massive amounts of land for something else.
They're looking at 2030, not 2012 like us....
"Which do we accomplish first, eliminate the population or build housing"?? DOH!!!! Apparently they haven't forcibly moved the rural pop. to the cities yet.
ReplyDelete