I don’t claim to be an expert on China but their economic woes stem largely from their insane housing bubble.
Of course the Communist Party has tried to capital control their people and stop money fleeing the country. This economic bubble is the result of that.
Worth a reminder of why Government’s love a housing Ponzi:
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yes. China has had "ghost cities" since back around the GFC. I recall studying them in 2008/09 time frame and it wasn't a super new concept then. they also will heavily subsidize workers to move to whereever they are "needed"
Nice breakdown on real estate.
I'd add that as a nefarious "bonus," the monetary premium in housing makes homes increasingly more unaffordable, and populations increasingly more dependent on government.
