@nytimes reporter covering China and Asia, but mostly China. Got a tip? alexandra.stevenson@nytimes.com GPG
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When we asked who was going to live in all these new apartments, Hu paused. "I was wondering that myself," he told uspic.twitter.com/qWdb01FNlw
We left wondering if Jurong was an anomaly. Then we talked to some experts. One professor has been working on a study of unoccupied urban housing. He told us 65 million apartments sit unoccupied across China
That has some people worried. One economist called the prospects for the market "grim” and warned that it is China's "biggest gray rhino"
I heard similar figures at least 5 years ago. Another source had it higher when you include other real estate and that was back then. One economist described it as the biggest housing bubble the world had ever seen and absolutely dwarfed the sub prime crisis in 2008 in the States
Looks like a nice forward looking investment. In Europe they have been not building enough houses for decades now. Meanwhile rent/sale prices go through the He roo
That looks like a nice forward looking mindset. Here in EU the government has on purpose been not building enough houses for decades. Rent/sale prices go through the roof as people are desperate to live somewhere. Meanwhile banks eagerly give higher mortgages based on 2 saleries
Great reporting. Why do people take to the street when it is their own failed investment decisions?
government policy can very well be misleading, even corrupt
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