Ghost Cities

[Jolly]

Link to video

[Mik]

Wow. The world's biggest bubble. When it bursts....

[Copper]

The former inhabitants all crossed our southern border.

[George K]

Amazing story. The psychology of "buying" apartments is bizarre.

[Jolly]

70 year leases. Unbelievable.

And did I heard him mention there is no old age system such as Social Security?

[taiwan_girl]

That has been big problem for a while. Loans were given so freely to building companies, local party officials judged partially on construction, etc. Then, a bit ago, the Chinese government tightened building loans, which left a lot of building companies unable to finish projects.