Caixin OnlineFinance & EconomicsTop Stories Finance Ghosts of a Property Bust Haunt Erdos
11.25.2011 16:16

Ghosts of a Property Bust Haunt Erdos

A private lending network and city officials with big dreams led to the construction of an entire bedroom community that now sits empty
By staff reporter Li Shen

Clusters of vacant high-rises stare down at empty roads in the new, but already dead, satellite community of Kangbashi.

Kangbashi is a ghost town built by the city of Erdos, whose government officials originally envisioned a modern housing-office community for 80,000 civil servants and their families.

Construction began in 2004 about 25 kilometers from the city center. Officials then tried to lure city employees by offering to subsidize half of each home's price tag, initially pegged at 8,000 yuan per square meter.

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