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And You Think America Has A Real Estate Problem? Look at What's Happening in China

by LiveModern Webmaster last modified Jan 04, 2012 02:04 AM
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by last modified Dec 22, 2010

"It's a giant new development, which doesn't even have a name yet." According to Business Insider, there are 64 million empty houses and apartments in China, enough to accommodate 200 million people. They are brand new, held as investments by newly wealthy Chinese who do not have a lot of options. They need to put their money somewhere, but the stock market is under pressure and bank interest doesn't cover inflation. So they plunk their money into a new property, just as a place to store their wealth, even if they don't intend to live in the place and can't find renters. The result is extraordinary waste, as displayed in a Google Earth tour. ... Read the full story on TreeHugger






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