"MT on the Chinese housing bubble: Random thoughts on China housing.
When I saw the Ordos ghost city for the first time, I knew there was some batshit crazy process that had infected their psyches.
Almost a cargo cult mimicking of our real estate development without any sense of the idea that you build for a customer base that’s anxious and ready to buy what you are making.
There was no there there.
Almost a cargo cult mimicking of our real estate development without any sense of the idea that you build for a customer base that’s anxious and ready to buy what you are making.
There was no there there.
On several other occasions I would stare at a high rise being built and try to envision someone buying a flat on the 27th floor knowing that it was just a rough out sans plumbing and appliances and after a month the elevators would likely stop working.
Where’s the payback in that?
In Beijing and I’m sure many other places they would go into a neighborhood of ancient brick hovels occupied for a millennium by peasants and clear it out like the razed neighborhoods in Detroit.
Where did those people move?
I think there was such a complete disconnect with everyone that they just imagined that they would magically move into the high rises.
And finally, I think someone here posted a link maybe a couple years ago of a couple of guys who were going around making videos of some of these developments and showing stuff like faux brick veneers sloughing off the exteriors before they were even finished.
So cargo cult financing begats cargo cult communities?
Looks like turtles all the way down."
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