Off the back of a thriving coal industry, the local government has been building a new city for one million people called Kangbashi. It sits virtually empty and property prices are falling.
Even in the old city of Dongsheng where people live and work, some 45 minutes drive away, a wave of investment has backfired. Cranes sit idle over unfinished skyscrapers and migrant workers are fleeing.
The swing in fortune -- residents and property agents say prices have dropped by up to a third -- is a severe example of what is happening in cities across China, including Shanghai and Beijing.
Tuesday, December 13, 2011
Ordos: If You Build It, Will They Come? Apparently Not
It took decades and complex global economic trends to create all the vacant property in Flint. China managed to pull it off all on their own and much more quickly in the Ordos district, a self-inflicted ghost town in Inner Mongolia complete with a bizarre museum and thousands of empty structures. Lucy Hornby and Langi Chiang of Reuters report: