this post was submitted on 31 Dec 2023
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What a waste of time,money, and resources
China has ghost cities with empty apartment buildings. They have tons of resources to waste.
Tell me you're living half a decade in the past without telling me. "Ghost cities" are actually areas where the state preplanned urbanization so everything would be in place when people started moving in. In fact, most of these "ghost cities" are actually populated now.
https://en.m.wikipedia.org/wiki/Under-occupied_developments_in_China
Edit: could someone please explain why I'm being downvoted? I've provided a source to back up my statements. Or is this a case of "everything about China is bad because Red Scare"?
There's another side to this. "Pre-planning" without proper forecast led to the housing crisis we are seeing today in China, with one of the largest developers in China Evergrande defaulting and filing for bankruptcy. A lot of people who were promised a good property and sunk their life savings into the project, now have no choice but to live in unfinished buildings in ghost towns without electricity nor water.
https://www.aljazeera.com/economy/2023/10/31/crumbling-buildings-and-broken-dreams-chinas-unfinished-homes
https://www.reuters.com/markets/asia/china-home-buyers-occupy-their-rotting-unfinished-properties-2022-09-26/
They're not building apartments to give out to homeless people for free here. People actually had to pay for those properties and were scammed.
Am I talking to a brick wall or what?
Flooding the market with unfinished buildings? Are you on crack or something? You have to actually finish it to call it "housing". And again, those property were built to be sold, and they weren't going to undersell them. Leaving both the buyer and the constructor with no money is not called a "sound strategy".
“Nothing is perfect” Is a hell of a way to minimize the enormity of the issue. Like wow…
Imagine being literally scammed into pouring your life savings into a property that is unfinished without electricity nor water, and then thinking "at least I have something so I shouldn't complain"? Those people actually had something before, now they're left with less than nothing.
Sure. Please find me articles about places that have incidents happening in a large scale like this right now then. Or do big companies like Evergrande just default occasionally all over the world in your books?
You're the one who made the argument. The responsibility lies on you.
Edit: and are you, who haven't posted a single link here yet, really telling me, who did provide news articles, to do my own research? How ironic.
Lol