Sunday, January 16, 2011

Ghost Cities.... China the next implosion late 2011?

The Mayfair hedge fund manager said he started work when he saw some news reports on China’s “ghost towns”. Last year Al Jazeera, the Middle Eastern television channel, aired a short report from Ordos Shi, a city in inner Mongolia built for one million people that is almost entirely empty. The report reveals empty streets, housing estates, shops and restaurants. The locals prefer the old town of Ordos and tell the cameras there’s no need to move to the new city.
China has consumed just 65% of the cement it has produced in five years, after exports. The country is outputting more steel than the world’s next seven largest producers combined. It has 200m tons of excess capacity.
In property, Corriente said it had found an excess of 3.3bn square metres of floor space in China – yet 200m square metres of new space is being constructed each year.
Ghost town, Inner Mongolia: Inside China's empty cities

More ghost cities - views from google maps

...though an update...  some hedgefund friends, say this is only temporary... china's population is so huge they can fill any empty city within months....

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