China, Largest Mall in the World, a Ghost Town

[BeerBaron]

http://www.youtube.com/watch?v=mSesAjD3ogo&feature=related

Video that ties in with the overcooked property market in China, this is the largest mall in the world, it is located not to far from Hong Kong, and it's a complete ghost town. The video was shot on the busiest day of the week, saturday.

[SwordoftheVistula]

The problem with centrally planned/socialist economies is that you end up with stuff like this.

China will have trouble building up a fully functioning economy without significant structural reforms, until then they will have to rely on exports to the US

[The Lawspeaker]

China's ghost towns and phantom malls

As growth slows, China's huge investment in infrastructure is looking ever harder to sustain, leaving a string of ambitious projects - towns, shopping malls and even a theme park - empty and forlorn.

"We have spoken a lot about these ghost towns in Ireland and Spain recently [but China] is Ireland and Spain on steroids," says Kevin Doran, a senior investment fund manager at Brown Shipley in the UK.


Source and more: BBC (http://www.bbc.co.uk/news/magazine-19049254) ( 13 August 2012).

[joe blowe]

That's socialism for you !

[The Lawspeaker]

That's socialism for you !

You don't even know what socialism is. There is no socialism in China. Just a communist party that is about as socialist as the Republicunt Party in the United States and that gives all the orders to party cronies.

[Graham]

Not socialism. It was a hugely bad buisness move. The pet project of a Chinese billionaire buisnessman. Built on land formerly used for farming.

More money than sense.

[Breedingvariety]

American Delusion (About ghost cities in China) (starts at ~2:40):
http://www.youtube.com/watch?v=5N3Z1e9vLew