1930s-style Keynesianism on mega-steroids? 1950s-ish nuke & pave urban renewal to the nth degree? Envy of North Korea’s infamous Ryugyong “ghost hotel?” Whatever the case, as John Derbyshire writes, “If You Build It, They May Not Come”:
You want reckless property speculation? China’s got it. And they don’t just throw up the occasional condo on spec: They build entire cities.
It’s a five-minute video but well worth watching. Note especially that masses of those empty apartments in this empty city have been bought “as investments” by Chinese speculators. Lots of luck there, guys.
Incidentally, note that at one point, the narrator says that one group of speculators struck it rich overnight via China’s insatiable demand for coal. That’s quite understandable (and commendable) from my point of view, but Thomas Friedman could not be reached for comment.