From empty homes to empty towns . .
A community of 260 mansions was begun 400 miles north of Beijing in 2010. Intended for the Chinese elite class, these palatial homes are empty. Not one has been bought by the rich. Cattle wander among the arched verandas, and garages serve for hay storage. Inside are what looks like marble floors and crystal chandeliers. Nearby are a complex of ~15-story apartment buildings that will probably never be finished.
China is in the midst of its own real estate crisis. Its biggest residential real estate developer declared bankruptcy last August. They had pre-sold 1.2 million units, but 800,000 of them will not be finished.
An aging population is part of the problem along with other reasons like the Covid pandemic. Maybe the world is starting to suffer from the effects of falling birth rates.
from Architectural Digest
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