Jun 13, 2011

Another bubble in making - only this time in Emerging economy like China

This video shows an eerie look at a ghost city in China, which reminds me of the post-apocalyptic science fiction films like Will smith's Iam Legend.  Kangbashi, a city in China's Inner Mongolia originally designed to accommodate around 1 million people that currently has about 30,000 residents. This desert city is part of the Chinese government's plan to add 36 million units of affordable or social housing in the next five years. Critics warn that "ghost cities" like Kangbashi are adding to the nation's real estate bubble. (Source: Bloomberg)



 
So someone still believes that "If you build it, they will come", as Ordos city, Kangbashi still awaits residents to bring the district, meant for a population the size of San Diego, California, to life.
 
Below is the picture of brand-new Ordos Museum, which is still under construction.



Here are some photos of this ghost city , Kangabashi in Ordos, China from picture gallery at Time , published in Apr 2010.

Related links on this item :
BBC News
Time
Video on Al-Jazeera