Home Prices Are Crashing In China's Most Famous Ghost City This is Chenggong District of Kunming, one of China's "ghost cities." All of the buildings you see in the video are complete but are probably less than 10% occupied. The video was filmed in the middle of the day on a Wednesday and the traffic is typical. Not shown in the video is the new subway being built here that will be finished in about one year. Five years ago all of this was farmland. Home prices in China most notorious "ghost city," a city called Kangbashi constructed outside Ordos, have fallen from 00 per square foot in 2006 to 0 per square, according to the Hong Kong Standard. In the past few months alone prices have plunged by almost a third. This severe drop, amid declining prices around China, has convinced both the people and developers that Kangbashi is a lost cause. New Tang Dynasty News, a New York based company, interviewed some of the less - than 50000 people who live in Kangbashi. Locals say that they have all invested their own money in housing and that they can't get their money back. This winter even the cranes have stopped construction and the migrant workers are fleeing. We can only wonder what's happening in China's other ghost cities. ______________________________________________ Satellite Pictures - Of The Empty Chinese Cities Where Home Prices Are Crashing www.businessinsider.com Home prices have plunged by one third recently, down 60% from 2006, in Kangbashi, the ambitious ...
http://thegreatcurve.com Bubble House Prices Plunge in 'Ghost City'
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