I don't have any direct sources for this, but the word that I heard from a friend who spent some time in China recently was the following: - Chinese investor

I don't have any direct sources for this, but the word that I heard from a friend who spent some time in China recently was the following: - Chinese investors have limited places to park their cash. Stock market and real estate are two major options, and real estate is seen as a superior investment (stock market has... problems, you could say) - Chinese law prevents purchasing property without developing it. - Real estate investments therefore require barebones property development--regardless of tenancy--in order to remain legitimate. Therefore, "ghost towns" are a natural outcome of Chinese investment in Chinese growth. They can remain vacant for a long time and still satisfy the investment goals of the developer. (edit: list formatting)