A stunning video documentary by Dateline (Australia) about the 64 million vacant apartments in China, a result of the government building 10 new cities each year. All this to keep up the appearance of endless economic growth. A classic example of what happens when policy is determined by chasing favorable statistics (reality be damned). It goes without saying that the only thing that makes this possible is the fact that it’s paid for with “public” spending.
Here are some links to Google Maps, where you can see satellite images of some of the cities mentioned in the report:
Aljazeera has a related report on the questionable growth numbers and the impending real estate bubble. Best quote: “You can’t really move to a city with no economy…”
More reports from other news outlets: