Housing crisis: Dozens of ‘Ghost cities’ in China


China grew in terms of infrastructure when they started investing heavily in real estate and a dominating sector of investment is the housing sector. It is a country with one of the highest rates of home ownership. More than 90% of households own a home. More than 20% Chinese households own multiple homes, higher than any other developed nation. 
There are more than 48 million empty apartments in China. More than 22% of the homes are unoccupied in China. That number accounts to more than 50 million homes according to the latest data from China Household Finance Survey. Among families that owned 2 houses, vacancy is 39% and 48% for those owning 3 properties. 
A huge example of this is Ordos, a city with coal and resource rich areas in inner Mongolia, in North China that stands largely empty. The resource availability led the government to establish an urban development in 2004. 
The initial plan was to hold 1 million residents with massive abstract architecture projects which was later changed to 3,00,000 people. But by 2016, the population could only soar to around 1,00,000, 20% of which were commuting here daily for work. It is also known as the World’s largest ghost town. The vast established city stands still in the middle of the desert. Initially the city had no schools, hospitals or any other communal facilities so the occupancy remained very low.


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