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Ghost cities in China on the rebound?
Posted on: 22 July 2014
By: mackene
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Filed under: News
In August 2013, 60 Minutes ran a story on the Chinese housing bubble focusing on the existence of “ghost cities” across the country. Forensic Asia, a financial analysis group based out of Hong Kong, believes these large vacant urban areas are evidence of a coming market crisis. If realized, the scale of the situation could eclipse the Great Recession of 2008 resulting from the mass mortgage defaulting that occurred in the US. Stephen Roach (Yale Global Affairs) disagrees with this view highlighting that China has been rapidly transitioning from a rural to urbanized country unlike the US in 2008 which had a substantial proportion of their population in cities already. The question remains – will people actually flock to these modern ghost towns?
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