The Rise of Ghost Cities: Where Did Life Go?
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China's urban landscape is transforming in an unsettling way. Once-thriving cities are turning into ghost towns, villages are merging due to depopulation, and businesses are collapsing. The question being asked more and more frequently is: Where did all the people go?
Reports and videos emerging from China suggest that the country may be grossly overcounting its population numbers. This demographic decline, exacerbated by the One-China policy and the effects of COVID-19, is causing a real estate market crash of unprecedented proportions. Official sources indicate that there are more than 50 ghost cities across China, where vacant skyscrapers and desolate streets tell the story of an economy in distress.
Zhangjiakou: A Stark Example of Collapse
Among the most notable ghost cities is Zhangjiakou in Hebei, where real estate values have plummeted drastically. In the Garden City property development, home prices have dropped from 12,000 yuan to a shocking 600 yuan per square meter—a staggering decline of over 95%. Properties that once cost 1 million yuan are now worth only tens of thousands, rendering many investments worthless.
Hegang and Jiaxing: The Vanishing Populations
Hegang was one of the first cities to experience a collapse in property prices, with values dropping to mere tens of thousands of yuan for entire homes. In some of China’s largest ghost cities, skyscrapers that were designed to house hundreds of families now contain only two tenants—or none at all. Meanwhile, Jiaxing in Zhejiang is another city suffering from extreme under-occupancy. Despite the project being completed 3-4 years ago, the occupancy rate is below 20%, and real estate values have tanked from 18,000 yuan per square meter to just 5,000-6,000 yuan.
A Real Estate Crisis with No End in Sight
China’s real estate market was once seen as a pillar of its economic growth, but with empty streets, abandoned buildings, and an evaporating population, it’s becoming clear that something is deeply wrong. The lack of demand is sending property values into free fall, with homeowners and investors left in financial ruin. In some ghost cities, there are barely any cars on the streets, further emphasizing the eerie emptiness of these once-bustling areas.
As more videos and reports surface, the question remains: Did China’s population decline more than its government is willing to admit? The crumbling real estate sector, deserted urban centers, and mass business failures point to a demographic crisis that is only getting worse. If these trends continue, China’s economic stability could be in for an even greater reckoning than previously anticipated.