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China's Ghost Cities
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Try now - its http://www.sbs.com.au/dateline/story...s-Ghost-CitiesFree business resources - www.BusinessBlogsHub.com
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It would be a problem elsewhere.... but this is China.....it'll build and build up to a point where the government will be forced to step in, the people will kow-tow to the will of the party and things will just keep rolling along.
The only thing that would cause the problem to come to a head would be the collapse of the totalitarian government....for if the government says there is no problem THERE IS NO PROBLEM.... the party knows best
Cheers
Spaeman
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Originally posted by spaceman View PostIt would be a problem elsewhere.... but this is China.....it'll build and build up to a point where the government will be forced to step in, the people will kow-tow to the will of the party and things will just keep rolling along.
The only thing that would cause the problem to come to a head would be the collapse of the totalitarian government....for if the government says there is no problem THERE IS NO PROBLEM.... the party knows best
Cheers
Spaeman
Mao's revolution? 1949. +70 = 2019.
Why 70 years? - time for all the original revolutionaries to die out.DFTBA
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We lived for a year in a city near Shanghai. Everywhere around us were row upon row of empty apartment blocks. A Chinese friend who worked for the local government told us that these apartment blocks were often given as presents (bribes) to officials and this was one reason so many were empty. The officials already had their own home and these were not lived in- just left empty. In China there are many many layers of officials and bribery/corruption is an accepted way of life by many.
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My wife is chinese and her parents and some of the aunts and uncles own appartments. And guess what? They don't rent them out and they remain empty for the bulk of the year. The reason my wife gives is that to rent them out would make them "business men/women" and they don't want to be "business people". Thy're quite happy with their assets and they trust property more than the banks. Different world altogether!
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Follow up ... Wife laughed and asked me if I hadn't seen the graphes showing the huge growth in the chinese middle class ... (sorry can't post the graphes I found as I don't have 10 posts on PT yet) ... or the prices for decent sized appartments in the major cities ... The chinese are pretty sure these appartments will fill and the govt is simply "getting ready" by ensuring "supply" outpaces "demand" which will keep property inflation in check in the future while providing stimulus in present.
A very different model to ours in the west where property price inflation is guaranteed as increased building is the result of increasing demand which has the inevitable lag which we enjoy as "capital gain".
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Originally posted by belgarionsmate View PostMy wife is chinese and her parents and some of the aunts and uncles own appartments. And guess what? They don't rent them out and they remain empty for the bulk of the year. The reason my wife gives is that to rent them out would make them "business men/women" and they don't want to be "business people". Thy're quite happy with their assets and they trust property more than the banks. Different world altogether!
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