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I don't know where you got your statistics most are false, half complete or misleading. Even in place like Shanghai, its been around 15 years they built Lingang
by dragonsh 8y ago
I don't know where you got your statistics most are false, half complete or misleading. Even in place like Shanghai, its been around 15 years they built Lingang City is still empty, now waiting for Tesla factory to populate, govt spend over 38 billion dollars to build it, people bought apartment blocks seating empty or acting as construction workers living quarters.
Go to a mall right next to Huangpu river near Lupu bridge mostly empty for last 10 years built by Greenland (it's the main downtown area). As others pointed out most of these homes and commercial ventures are waiting for price rises to sale and are seating empty. This narrative of urbanization is pretty old, now it's impact is very little in city like Shanghai.
At present across China there is price but no buyers. People are holding on to real estate until they get atleast bit more than what they bought. On the other hand people's saving has already been consumed by SOE and govt spending. So the only way to prop up economy is to print money like USA. As long as other countries do not want RMB to depreciate, they can print money and prop up the economy.
- ksec 8y ago>I don't know where you got your statistics most are false, half complete or misleading. Official Stats? ( But as you know Official Stats could be wrong too ) I never said the City they built out NOW have to be filled within 2 years. There are some that strategically don't work and are left there like ruins. Some are waiting for their turns, some may never come. And they will likely knock those down and rebuilt again. And when it comes to urbanisation, why would anyone wants to pull people from rural into First Class City like Shanghai? There are lots of places in Midland and Western ( The so called Great Western China Development )
- dragonsh 8y agoI am not talking of 2 years, Lingang is built for over 12-15 years and it was an idea of Shanghai government to move Pudong Govt offices to Lingang, which did not happen as no one wants to go there and it is still sparsely populated area of Shanghai with lots of empty apartments (I think over 50-60% empty) obviously bought as investment properties.
- barry-cotter 8y agoCan you give me the address? I’ve seen plenty of new malls that are half empty but they’ve all filled up so far. In the six years I’ve lived in Shanghai the “cool” areas where foreigners live have expanded markedly. Then again I’d never even heard of the Lupu Bridge until I looked it just now. The Fabric Market is near there, unless they’re just refusing to let lie class tenants rent there any mall should be full like the old fake market at Qipu lu.
- dragonsh 8y agoIt's not one mall but series of malls and offices between nanpu and lupu bridge near the Puxi side expo areas (mostly without much foot traffic or shops). They are there for over 8 years. You probably can take a bicycle and ride along the Huangpu river from Nanpu bridge towards Lupu bridge. It's a beautiful bicycle path and you can see the empty malls and offices.