Luxury homes stand empty in 'City of the Dead'
April 23, 2014, 3:15 pm Yahoo!7
Six years on, these expensive villas are silent and unoccupied.
Photo: Central European News
There are over a hundred villas in the Chinese city of Beihai: outfitted with spacious balconies, jacuzzis and lush landscaping, they were built six years ago to cater to a rising wealthy class.
Today, the buildings, many of which were priced at more than 3 million yuan ($518,000) – a staggering sum for many Chinese families – remain empty and unoccupied. Locals call it the 'City of the Dead'.
Photo: Central European News
Developments like this have risen around the country, complete with shopping malls and parks, in a bid to capitalise on China's real estate boom. Some lower-paid workers, seeking safe havens for their money, have invested savings from up to three generations. However, the properties are frequently too far from key city centres and economic zones, leaving them deserted.
As property values continue to rise, many hope that their investments might still pay off, despite fears that over-building may cause a bubble.
Photo: Central European News
For now, the villas remain empty – and will soon require even more money to protect them from the elements.
