How China BECAME ONE MASSIVE Ghost City: The Fall of EVERGRANDE's Megacities

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Millions of apartments are simply empty, there are very few people, and staying in such cities
However, despite achieving this goal, the city of Ordos-Kangbashi still remains one of the largest ghost cities in Asia. Although the number of inhabitants slowly increased and amounted to approximately 200,000, the atmosphere of the city remains intact.
Projects such as "Unborn Cities" shed light on this issue, making us aware of the scale and complexity of this phenomenon. Focusing on cities such as Ordos-Kangbashi, the Yujiapu Financial District, and the Meixi Lake development, this project explores uninhabited areas, raising questions about the nature and future of urbanization in China.
This shows that China is in a terrible situation when it comes to excess housing.
Evergrande made a major contribution to the construction of cities
The problems of development giant Evergrande are just the tip of the iceberg in a much larger problem. China's real estate market has been declining for years after a period of oversupply, leaving tens of millions of apartments empty.
The Chinese authorities commented on the crisis in Evergrande. The People's Bank of China sharply criticized the company's way of doing business but said the risks to the financial system were "manageable." "In recent years, the company has failed to cope with the dynamic changes in the market, as a result of which its operational and financial indicators have deteriorated significantly, leading to the crisis," Zou Lan, director of the financial market department of China's central bank, said at a press briefing.
Even before Evergrande's collapse, attention was drawn to the emptiness of tens of millions of apartments across the country. This problem has only worsened in recent years.
It is estimated that there are still around 30 million unsold properties in China, which could house as many as 80 million people - almost the entire population of Germany. In addition, about 100 million properties were probably purchased but remained unoccupied - they could accommodate about 260 million people. Such projects have been attracting attention for years and have even been called China's "ghost towns" or "ghost towns".
However, most major developers in China are in a much better financial situation than Evergrande.
#geography
Overbuilding and oversupply: Despite high demand for housing in some areas, some regions in China continue to experience overbuilding. This excess offer-demand leads to a situation in which apartments actual demand, which generates empty apartments.
Real Estate Speculation: There continues to be considerable speculation in the Chinese real estate market. Many investors, including individuals, companies and institutions, use real estate as a form of investment, but these properties often remain uninhabited or unrented. This phenomenon contributes to a significant percentage of empty apartments.
Economic stresses and economic slowdown: An economic slowdown may result in reduced demand for real estate. In the face of economic uncertainty, investors may postpone purchases, which causes an increase in the number of empty apartments on the market.
Demographic policy: Although China has seen some changes in demographic policy, such as the abolition of the one-child policy, the long-term effects of previous policies may still result in an excess of empty apartments. The older generation who accumulated real estate as a form of savings may still hold these properties unoccupied.
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