China has 65 Million Empty Homes

[dazzling]

Came across this article on China, it has 65 million empty homes. It seems they have been borrowing billions to build houses for no-one in a type of fake effort to boost the economy. You dont have to be an economist to work out what the end result of all this will be....
http://stocksthatpay.com/?p=9951

[djroof]

wow!!!!!!!!!!!

[~Ray]

we have 12 million here in the US

[dazzling]

Here is another article that shows whole cities built for no-one, they are empty....
http://www.rightsidenews.com/2010121...y-feeling.html

[cooldude7]

this is new.

[bronco67]

Houses with no one to buy them, because most of the population is scrubbing their dirty underwear on rocks, and wiping their asses with their hands.

So now they have this empty house thing, and shitty products.

[Chosen]

I want one

[vsex]

That's crazy!

[Davy]

Are those houses in the cities?
I could understand that they have abandoned houses on the country-side. There are just no jobs for people there.
But then again, it's not surprising.

[Poindexterity]

those ghost cities sound like the perfect place to shoot any number of action movies.

[Agent 488]

home come none of those shit articles have any links to sources? most likely the source is misunderstood, misreported or worse. grain of salt.

[LiveDose]

Maybe they should start putting them on ships and exporting them like everything else.

[timlover]

if you build it, they will come.

Once you bulldoze down their shanties...

[BlackCrayon]

china's economy is largely fake, as is the value of their money. they are purposely undervaluing it, not sure what will happen when they stop doing that.

[Deputy Chief Command]

Originally Posted by BlackCrayon

china's economy is largely fake, as is the value of their money. they are purposely undervaluing it, not sure what will happen when they stop doing that.

you sir are an idiot who has no idea about china or economics

[dazzling]

Originally Posted by BlackCrayon

china's economy is largely fake, as is the value of their money. they are purposely undervaluing it, not sure what will happen when they stop doing that.

To a degree you are somewhat correct in saying this. After speaking to a few Chinese business people on this their explanation of these 65 million homes is this....China is a centralized Communist Government with all the power in the hands of those in charge, so these people that control the government contract all construction out to companies owned by their relatives. What has happened is there is no longer any demand for any more construction of houses, but these corrupt officials just keep building houses for no-one because they are making billions through the construction company owned by their relatives. On that basis, the China economy is somewhat fake and is a train wreck waiting to happen.

[fitzmulti]

Sounds like Vegas.

[DateDoc]

Originally Posted by Agent 488

home come none of those shit articles have any links to sources? most likely the source is misunderstood, misreported or worse. grain of salt.

One of them links to Business Insider with their satellite images: http://www.businessinsider.com/pictu...2010-12?slop=1

[wdsguy]

Originally Posted by bronco67

Houses with no one to buy them, because most of the population is scrubbing their dirty underwear on rocks, and wiping their asses with their hands.

So now they have this empty house thing, and shitty products.

You are thinking of india who traditionally do not use toilet paper.

[cooldude7]

Originally Posted by DateDoc

One of them links to Business Insider with their satellite images: http://www.businessinsider.com/pictu...2010-12?slop=1

damn ghost cities., much like zombieland.
if they are selling cheap, i would buy one city

i guess they need more population to fill their cities.
last time i checked they were on top for population.

[moeloubani]

at least they are spending their money on something other than just paying everyone back

[dazzling]

The big problem is that the Chinese currency is really nothing more then monopoly money. Here is the explanation why...
1 – Walmart pays USD to a bank in China.
2 – Bank reconcile the trade with China supplier and pays RMB to China supplier (i.e. printing more RMB).
3 – Net net, becoz Walmart cannot settles its trade in RMB (i.e. cannot own RMB outside of China), China ended up with an accumulation of USD on one hand and on the other keeps printing RMB, which doesn’t “flow” outside of the Chinese border.

So, in effect they have created this internal monopoly money that is really worthless.

[MrGusMuller]

All houses are sold. But there are no local economy.

Lets play soft air or paintball therel...

i'm a fucking bad ass!

[dazzling]

Not only do they have 65 million empty homes and empty cities, it seems they have millions of empty offices and shopping malls as well....

http://www.dailymail.co.uk/news/worl...ng-centre.html

http://www.bloomberg.com/apps/news?p...d=a6i2PSZD.Jr4

[BlackCrayon]

Originally Posted by Deputy Chief Command

you sir are an idiot who has no idea about china or economics

china is purposely undervaluing their dollar so they can beat out other third would countries when it comes to exports. do some reading.

[biskoppen]

Originally Posted by Chosen

I want one

Yeah, because being an adult webmaster in China rocks

[Antonio]

Originally Posted by BlackCrayon

china's economy is largely fake, as is the value of their money. they are purposely undervaluing it, not sure what will happen when they stop doing that.

yup, they "faked" their way to the second largest economy in the World and they don't seem to be slowing down either

[Slappin Fish]

Originally Posted by BlackCrayon

china is purposely undervaluing their dollar...

Calling it "their dollar" instead of "their currency" kind of undermines the credibility of your post

but yeah, the chinese yuan is undervalued.

[rhizome]

Um, the empty homes aren't abandoned. They were built and purchased as investments and for tax shelter. With no property taxes and housing numbers going up every year it makes perfect sense . . . until it crashes. But a lot of wealthy Chinese believe their money is safer in real estate than in the banks and it's not unusual for an executive level worker to own multiple empty houses.

[candyflip]

I like the photo of the college campus that was built to hold 2.3 million students, but only has 11,000 enrolled.

[fatfoo]

Originally Posted by MrGusMuller

local economy

The local geographical area is an important factor in business. Think about whether your ass would get shot in your local area or not. Good luck!

[The Heron]

Actually I read an article from a real news source that stated most of the empty homes are bought and paid for with cash so while it looks stupid they might avoid the bubble that you'd expect. Nothings certain of course and with their increasing transparency it should be interesting to watch.

[Phoenix]

i saw a documentary about some of these places, they build them to move whole villages into..people are living in shanty towns with no running water, so they move them into the new places.

nothing nefarious, except i dont think you get a choice...they show up and and tell you you are moving

[GayContentWriter]

I saw a piece on this on the BBC (I think it was the beeb).

In my opinion, they've done better than the rest of us.

While there is NO DOUBT a lot of corruption involved here, it's the same all over the world. If you have any knowledge of economics you'd know the $ is fucked. There is a real risk that when it goes (and it definitely will) it could take several other fiat currencies with it.
This will likely lead to MASSIVE social unrest and migration out of the cities and back into smaller farming communities.

China is also on the biggest military build-up since the second world war. As has been reported and is making various other nations nervous.

When you consider what America, Britain and most of Europe has done, China has made a better sacrifice in the long run.
We haven't invested in creating jobs and building infrastructure to manage our populations when the inevitable collapse is eventually admitted. China has.
All we did was throw money at the people who created the problem and continued the way we were. Bankers haven't changed. The global casino hasn't changed.

None of our governments have invested money in preparing for the most likely scenario, while China is.

I don't agree with a lot China does, but on this one, in comparison to the rest of the world and considering the likely events of the future, I absolutely agree that setting up new communities ready to be inhabited while providing employment directly to the people was the better way to go.

[dazzling]

The 65 million empty homes are of course owned, their owned in most cases by the Government agencies that financed this. The problem is this, 65 million homes is enough to house 200 million people they say, but where will the 200 million people come from? Unlike in most Western countries that have an increasing population, China has a one child policy leading to a decreasing population. So in effect, they can NEVER fill these homes. They are also continuing to build every month another 2 million homes on top of this. All for no-one.
The section of the population between 20 and 24 years of age will decrease sharply from 125 million in 2010 to just 68 million in 2020, a 50 percent decline in only 10 years....
http://www.businessinsider.com/chine...#ixzz19xaw5F4W
Now this is where it gets interesting, the construction industry in China accounts for 60% of the Chinese GDP. You dont have to be a rocket scientist to work it out, the minute all this construction of empty homes, empty offices, empty cities and empty shopping malls stop, the whole fuckin economy collapses. Whats even more insane is their financing this whole thing, by simply printing money from nothing....http://beforeitsnews.com/story/310/7...ty_Cities.html

This whole China fake economy is a train wreck waiting to happen....
The Royal Bank of Scotland has advised clients to take out protection against the risk of a sovereign default by China as one of its top trade trades for 2011....http://www.telegraph.co.uk/finance/c...ion-bites.html

[maxxtro]