Ghost town: The Kangbashi New Area of the Chinese city of Ordos was built to house a million residents. Pictured is the central Linyinlu Square
With sprawling housing developments and state-of-the-art skyscrapers, the outward impression is of a bustling metropolis.
But look closer and the so-called Kangbashi New Area of the Chinese city of Ordos is anything but teeming with people.
Known as the ghost town district of the wealthy mining city, it was built to house a million residents.
But look closer and the so-called Kangbashi New Area of the Chinese city of Ordos is anything but teeming with people.
Known as the ghost town district of the wealthy mining city, it was built to house a million residents.
And despite pictures showing some of the country's reported 64million empty homes, Chinese authorities have since erected masses more buildings.
But a government think-tank has warned that China's real estate bubble is getting worse, with property prices in major cities overvalued by as much as 70 per cent.
Of the 35 major cities surveyed in 2010, property prices in eleven, including Beijing and Shanghai, were between 30 and 50 per cent above their market value, the China Daily said, citing the Chinese Academy of Social Sciences.
Prices in Fuzhou, capital of the south-eastern province of Fujian, had the worst property bubble with average house prices more than 70 per cent higher than their market value, according to the survey conducted in September.
The average price in the 35 cities surveyed was nearly 30 per cent above the market value, the report said.
But a government think-tank has warned that China's real estate bubble is getting worse, with property prices in major cities overvalued by as much as 70 per cent.
Of the 35 major cities surveyed in 2010, property prices in eleven, including Beijing and Shanghai, were between 30 and 50 per cent above their market value, the China Daily said, citing the Chinese Academy of Social Sciences.
Prices in Fuzhou, capital of the south-eastern province of Fujian, had the worst property bubble with average house prices more than 70 per cent higher than their market value, according to the survey conducted in September.
The average price in the 35 cities surveyed was nearly 30 per cent above the market value, the report said.
Tourist attraction: Kangbashi is filled with state-of-the-art infrastructure and stunning architectural structures like the Ordos Museum (pictured)
Brand new: Workers carry out repairs on the top of the facade of the Ordos Museum
City centre: Just two people can be glimpsed among the galloping horse statues in Wumulun Binghe square
Where is everyone? The derelict majesty of Chinese ghost town built to house one million, but with less than 30,000 residents | Mail Online
