Skip to comments.China's 'Dubai' Has Turned Into A Deserted Island
Posted on 02/26/2013 7:51:48 AM PST by SeekAndFind
It was billed as China's Dubai: a cluster of sail-shaped skyscrapers on a man-made island surrounded by tropical sea, the epitome of an unprecedented property boom that transformed skylines across the country.
But prices on Phoenix Island, off the palm-tree lined streets of the resort city of Sanya, have plummeted in recent months, exposing the hidden fragilities of China's growing but sometimes unbalanced economy.
A "seven star" hotel is under construction on the wave-lapped oval, which the provincial tourism authority proclaims as a "fierce competitor" for the title of "eighth wonder of the modern world".
But the island stands quiet aside from a few orange-jacketed cleaning staff, with undisturbed seaside swimming pools reflecting rows of pristine white towers, and a row of Porsches one of the few signs of habitation.
Chinese manufacturers once snapped up its luxury apartments, but with profits falling as a result of the global downturn many owners need to offload properties urgently and raise cash to repay business loans.
Now apartments on Phoenix Island which reached the dizzying heights of 150,000 yuan per square metre ($2,200 per square foot) in 2010 are on offer for just 70,000 yuan, said Sun Zhe, a local estate agent.
"I just got a call from a businessman desperate to sell," Sun told AFP, brandishing his mobile phone as he whizzed over a bridge to the futuristic development on a electric golf cart.
"Whether it's toys or clothes, the export market is bad... property owners need capital quickly, and want to sell their apartments right away," he said. "They are really feeling the effect of the financial crisis."
Official figures showed an almost eight percent increase in China's total exports last year, but sales to Europe fell by almost four percent with the continent mired in a debt crisis and recession.
(Excerpt) Read more at businessinsider.com ...
Would you invest in a Chinese built artificial archipelago and skyscraper? Can anyone say monsoon/typhoon magnet?
Welcome to planned paradise economy financed by suckered tax payers as wisely managed by obedient maroons apparatchiks
I bet corners got clipped seven ways to Sunday on that big of a project.
Jusst plain ugly!
This is video of a Chinese skyscraper lying on its side. As I recall the story, the builder was supposed to run steel girders down to the bedrock. As you can see, that was not done. Along comes the monsoon and the building simply fell over.
There is no emphasis on safety and no chance someone could sue and force safer building practices.
They call it Tofu Construction. Here’s some of their bridge accomplishments:
Round footing rods made from concrete with no reinforcing, how stupid can they be?
On the plus side they do have a much more direct way of dealing with people like this, especially when it goes public like that building did.
I bet he has some “donated” organs spread around the world now.
I proposed to my wife in Haikou City on Hainan. We then continued our vacation to Sanya. It was beautiful. I’d like to return some day.
It was the government’s policy against high housing price led to this situation.
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