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.

We hope you have enjoyed your free articles for the month
REGISTER to get 5 more free articles, or SUBSCRIBE to get full access to Caixin
Already a subscriber? Log in now
COMMENTS (0)
Sign up to receive our free daily newsletter
Latest Issue
On the Cover:

Ammonia in the Haze

Farms and cars are contributing to rising levels of ammonia gas in the country, but the impact on air pollution is still hazy


Issue 82
October, 2014

POPULAR GALLERIES

SUBSCRIPTIONS

Caixin-China
Economics & Finance
Latest Issue:
Ammonia in the Haze
Farms and cars are contributing to rising levels of ammonia gas in the country, but the impact on air pollution is still hazy
Issue 82
10.01.2014

Subscribe       |       Newsletter        |        FAQ