United States time magazine published a few days ago, Kang Bashi is the best show of China's real estate bubble. Reports, spent 5 years at a cost of more than 5 billion building, covers an area of 32 square kilometres of Inner Mongolia Erdos kangbashi is a luxury city wishing to show off to the outside world, but it also became an uninhabited ' ghost town '.
Ordos city kangbashi was time magazine called it "ghost town", and the local government development policy relevant. Ordos city kangbashi extension is also going to land auctions, bidding, and borrowed capital and developers develop as the body's "old road".
Although the local government invested about $ 5 billion, in fact can also be used for the construction of infrastructure, and most people housing prices because of the relationship between land price and position deviation of urban development, there were "excessive". The Government deliberately "raise" and businessmen under the hype, "has created high housing prices here". Accommodation prices, for example, the constant Hotel 4 star, luxury suite per night $ 1188, single room $ 398. (Universal law is the city of high accommodation prices, prices higher, as some cities in Hainan Province). Shop rent is high. Cannes issue, 3rd floor, family cereals, vegetable shops, more than 90 square meters, the annual rent for $ 100,000 sth
Such a high price, in essence does not reflect the value. Abnormal high house prices are actually fried up with speculators, speculators, and really want to live in old people, in front of high housing prices can only discourage foreign home buyers, in addition, "real", the influx is unlikely to be this "ghost city" to "blank". Therefore, there appeared such a "strange"--old town is nice but rarely traveled by the new city, and "cleaner than the more pedestrian".
This places the blame as the local Government has been extremely embarrassing situation. Lowering prices to attract ordinary people live is no longer possible, the Government will have authority to directly ordered to cut. Real estate business "high high" unless the collapse of commercial housing, cannot take the initiative to drop. Prices do not drop a day, one day will not be attracted to ordinary residents, only from "ghost city" to "ghost town" a vicious circle. However, the "ghost city" phenomenon and a housing bubble there's always bounce on that day, how long it is?
A situation, the Government no longer continues to inject, developers have not received back to sharp increases in costs, local banks ' bad loans crisis, just as it did a few years ago in a city, groups of uncompleted residential flats there, a lot of development of enterprises with bankruptcy. Another possibility is that this bubble will last for a long time, because the local Government has a huge amount of revenue, subsidies and the crisis "to pay". But the cost is the public finances suffer flower is the long-term development of the local resources of all kinds of money and overdraft interest is long-term development and people's livelihood.
Either may be, like kangbashi's "ghost" appears, is not a blessing for the people.
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