"The intense impulse on behalf of local governments to build together with corrupt businessmen has conspired to ferment an unprecedented real estate bubble. In the coming ten years China's tide of urbanization raises real alarm bells."
News from China Economic Net reports on yet another "empty city" (空城) in China. JingJin City is a housing development randomly plopped on the rural saline flats between Tianjin and Beijing. "We can build a new Manhattan here" one developer muses idealistically. But of course, the reality is another ghost town, sold but uninhabited.
In the article's opening paragraphs some truly shocking numbers on the state of China's property market.
According to affiliated media reports, the State Grid Corporation of China [China's largest power company] in recent weeks conducted a national survey of 660 cities reporting that more than 65.4 million residences had electricity readings over the past six consecutive months of zero. This number of empty residences is enough to house 200 million people.
A view in Google Maps:
Property Website (Click on the right link to enter. Left link is an entertaining Java tour)