Video Link: Ghost Cities in China, reported by Australian Dateline program in April 2011

VERY interesting, well worth watching. Also pretty astounding. Cities for millions of people (one city alone was for 12 million), only 25% occupied or less. Millions of apartments & condos built, most costing over 10 times the average worker’s yearly salary; payment terms are 50% up front & the balance paid off in three years so unless that average worker has some savings somewhere, they won’t come even close to being able to buy it with what their wages.

Affordable (and very cramped) housing being condemned and razed so more empty and expensive apartments can be built.

Link in case player doesn’t work.

hat tip to Luc Vallee’s post “Faces of China: Ghost Cities — Part II” on Zero Hedge.

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