Home prices in China most notorious "ghost city," a city called Kangbashi constructed outside Ordos, have fallen from $1,100 per square foot in 2006 to $470 per square, according to the Hong Kong Standard. In the past few months alone prices have plunged by almost a third.
This severe drop, amid declining prices around China, has convinced both the people and developers that Kangbashi is a lost cause.
New Tang Dynasty News, a New York based company, interviewed some of the less-than-50,000 people who live in Kangbashi. Locals say that they have all invested their own money in housing and that they can't get their money back.
This winter even the cranes have stopped construction and the migrant workers are fleeing.
We can only wonder what's happening in China's other ghost cities.
Check out NTDN's video below (via Global Macro Monitor):
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