posted on Nov, 14 2011 @ 01:53 AM
reply to post by exile1981
I think that's true also.
Right now there's a policy controlled by the central gov called invest in the west or something like that,
Basically investing as much as they can to prop up the west of China. But poor planning, abuse of funds, greed, stupidity and so forth has hampered
I've seen massive huge housing estates that have been built for over 7 years here and hardly no one lives in them. But people buy them stupidly as in
investment and sit on them rubbing their hands as the bubble rises
When you purchace a property here you essentialy lease it from the gov for 70 years, you cannot hand it down to your children or family. It must be
sold on or reclaimed back.
Some smaller cities iv'e been to a house on an estate is sold by the developer for 500,000RMB, no one lives there it's a ghost town, but most of the
houses are sold and owned by the rich.