This Manhattan was designed to be a replica of New York’s Manhattan and is another entry on the growing list of ‘ghost cities’ that have been built in China!
‘If you build it he will come’ is a saying that might work in the movies, but not now in China where attempts to maintain economic growth through massive construction projects have resulted in cities with buildings and infrastructure but few if any inhabitants.
These ghost cities in China have been well documented in the past but now there’s construction that was designed to be a replica of Manhattan.
Unfortunately this city on the rise that’s located in the Conch Bay district in the city of Tianjin, unlike Manhattan where vacancy rates are low and real estate prices high, sits virtually empty.
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“Investing here won’t be better than throwing money into the water,” Zhang Zhihe, 60, said during a visit to the area last week from neighboring Hebei province to look at potential commercial-property investments. “There will be no way out — it will be very difficult to find the next buyer.”
The deserted area underscores the challenge facing China’s leaders in dealing with the fallout from a record credit-fueled investment spree while sustaining growth and jobs in the world’s second-biggest economy. A Tianjin local-government financing vehicle connected to the developments said revenue fell 68 percent in 2013 to an amount that’s less than one-third of debt due this year.
The larger question to ask, not only as a New Yorker but as an American, is whether the debt bubble in China that has fueled this type of investment is in danger of bursting and how such a situation would impact the US economy and the interest rates required to fund our deficit spending.
Stay tuned!
H/T Bloomberg
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