Monday, February 26, 2024

g-f(2)2018 Ghost Town Boomtowns: China Reckons with its Property Bubble's Ghastly Burst

 

AD, The Story Behind the Many Ghost Towns of Abandoned Mansions Across China


genioux Fact post by Fernando Machuca and Claude


Introduction


The article "The Story Behind the Many Ghost Towns of Abandoned Mansions Across China" examines the proliferation of ghost towns and unfinished extravagant housing projects across China as a growing real estate crisis unfolds, representing wasted investment and economic peril.



genioux GK Nugget


"The collapse of China's property bubble has left swathes of ornate but deserted mansions and empty towers spanning rural outskirts to city centers as cautionary tales of unsustainable growth." — Fernando Machuca and Claude



genioux Foundational Fact


Rather than filled palaces displaying China's riches, failed developers like the now-bankrupt Evergrande have created surreal farm-dotted ghost suburbs and towering dollhouse frames as their debt-fueled recklessness backfires amid declining demand.



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AD, The Story Behind the Many Ghost Towns of Abandoned Mansions Across China


  1. Planned as luxury villas for China's elite, the $400 million State Guest Mansions now house hay and cattle as Dust blankets its marble relics.
  2. Similar scenes replicated across China with investors and the middle class alike losing billions as projects abruptly halted.
  3. Global property giant Evergrande's $300 billion insolvency leaves 800,000 presold units unfinished, obliterating household wealth.
  4. Forest City, a $100 billion Malaysian undertaking by Country Garden, is near-empty after targeting Singaporean vacation homes.
  5. China's economy long relied on real estate but aging populations and post-COVID prudence cooled the frenzy.
  6. Cracking down on developers' hazardous borrowing has further squeezed funding for extensive construction.
  7. The crisis has catastrophic spillovers as Chinese wealth stays concentrated in vulnerable real estate assets.
  8. Evergrande's collapse presages more defaults as precariously indebted builders teeter without bailouts.
  9. Speculation relied on perpetual property price surges; now supply chokes demand with no market salvation.
  10. The landscape will long reflect the debt hangover from Chinese developers' unrestrained building binge.


AD, The Story Behind the Many Ghost Towns of Abandoned Mansions Across China


Conclusion


As caution replaces irrational exuberance, China's property castles in the sky are replaced by countless structures never to fulfill their promise, monuments to squandered fortunes, and pendulum swings from risk ignorance to risk intolerance.



REFERENCE

The g-f GK Article


Katherine McLaughlin, The Story Behind the Many Ghost Towns of Abandoned Mansions Across China, AD, February 23, 2024.



Katherine McLaughlin 



Katherine McLaughlin is the associate digital features editor at Architectural Digest. She covers architecture and design news, travel, and real estate. Previously, she contributed to other publications such as The New York Times, Insider, Real Simple, and Well + Good. McLaughlin's work provides valuable insights into the world of design and lifestyle¹.

Source: Conversation with Bing, 2/27/2024

(1) Katherine McLaughlin Latest Articles | Architectural Digest. https://www.architecturaldigest.com/contributor/katherine-mclaughlin.
(2) Katherine McLaughlin Latest Articles | AD Middle East. https://www.admiddleeast.com/contributor/katherine-mclaughlin.
(3) Katherine McLaughlin Latest Articles | Bon Appétit. https://www.bonappetit.com/contributor/katherine-mclaughlin.
(4) Katherine McLaughlin. https://www.bykatherinemclaughlin.com/.




Copilot's Summary


The Story Behind the Many Ghost Towns of Abandoned Mansions Across China reveals a fascinating phenomenon. In China, there are numerous half-built, almost communities—ghost towns filled with abandoned mansions. These structures stand as eerie reminders of ambitious real estate projects that never reached completion. The country grapples with a surplus of vacant properties, including large sections of cities like Tianducheng, Thames Town, and Binhai. These areas span hundreds of square kilometers but have far more empty buildings than occupied ones¹².


Source: Conversation with Bing, 2/27/2024

(1) The Story Behind the Many Ghost Towns of Abandoned Mansions Across China. https://www.msn.com/en-us/news/world/the-story-behind-the-many-ghost-towns-of-abandoned-mansions-across-china/ar-AA1eEiq3.

(2) The Story of China's Ghost Cities and Its 65 Million Empty Homes (2024). https://investguiding.com/article/the-story-of-china-s-ghost-cities-and-its-65-million-empty-homes.

(3) The Story of China’s Ghost Cities and Its 65 Million Empty Homes. https://interestingengineering.com/culture/chinas-ghost-cities-and-its-65-million-empty-homes.

(4) Abandoned Chinese mansion development reclaimed by farmers - New York Post. https://nypost.com/2023/07/26/abandoned-chinese-mansion-development-reclaimed-by-farmers/.



The g-f GK Video


Inside a Chinese Ghost Town of Abandoned Mansions | WSJThe Wall Street Journal, YouTube channel, February 19, 2024.





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Categorization


This genioux Fact post is classified as Breaking Knowledge which means: Insights for comprehending the forces molding our world and making sense of news and trends.



Type: Breaking Knowledge, Free Speech


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References


genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2018, Fernando Machuca and ClaudeFebruary 26, 2024, Genioux.com Corporation.
 
The genioux facts program has established a robust foundation of over 2017 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)2017].



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