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Yeah but if you read on you will find that that piece is actually based on an NYT story: http://tmagazine.blogs.nytimes.com/2015/03/06/ordos-china-tourist-city/
by fspeech 12y ago
Yeah but if you read on you will find that that piece is actually based on an NYT story: http://tmagazine.blogs.nytimes.com/2015/03/06/ordos-china-tourist-city/?_r=2 http://tmagazine.blogs.nytimes.com/2015/03/06/ordos-china-to...
The NYT piece itself is much more carefully hedged. The TL;DR by the reporter: "IN SHORT, ORDOS is not empty, but it is odd"
A real estate bust implies that investors lost money but not necessarily a ghost town. Anyway the Ordos story was a lot more market driven than the other ones: for a while when coal price was dear Ordos boasted the highest per capita income in all of China. Also land is a lot cheaper in this unpopulated area.
- seanmcdirmid 12y agoDevelopers in China that focus on 2nd and 3rd tier cities are doing very poorly right now. The problem is that property became a speculative investment and an inflation hedge, but true demand has yet to materialize. The people who need housing can't afford these apartments, those that can afford them don't need to live there. Ugh.
- fspeech 12y agoYeah they need the property tax real bad so at least investors will be incentivized to rent out their property instead of keeping their apartments vacant.