In China, even part of real cities are ghost-like. I have a friend who has family in China, and each of their relatives have one or more empty apartments there.

In China, even part of real cities are ghost-like. I have a friend who has family in China, and each of their relatives have one or more empty apartments there. They do this because it is one of the few investments Chinese are allowed to make, and they don't need to pay property taxes. If you consider this, ghost cities are not even the biggest problem with Chinese real estate. I see this as a pyramid scheme. The local municipalities can get away with not charging taxes because so many new construction is going on. But a few years from now when construction has slowed down, they will need money for schools, hospitals, etc. By that time they will have to charge taxes and it will become a losing proposition to maintain empty properties.