China's Modernization Is The Greatest Industrialization Story That The World Has Ever Seen

2278 Words Dec 8th, 2014 10 Pages
The People 's Republic of China has had one of the wildest real estate sectors of any large-scale global economy. Chinese real estate value have been appreciating dramatically and at least abroad in the United States, media outlets have been covering this topic in an extremely sensationalistic way reporting "ghost cities," and "real-estate bubbles" at their bursting point.
Yale Professor Stephen Roach[1] says that China 's modernization is the "greatest urbanization story that the world has ever seen." A plethora of articles and documentaries cover the phenomenon of "Ghost Cities" which are supposedly the symbols of economic waste and rampant industrialization in the People 's Republic of China. Observers blame the rise of these "Ghost Cities" on corrupt funding via risk-laden local-government financing vehicles and as symptoms of China ' inevitable demise.
The skyscraper-filled skylines of a number of Chinese cities remain eerily vacant devoid of inhabitants. Yujiapu, located in Conch Bay north of the bustling port city of Tianjin is a backdrop of dirty vacant office towers and unfinished hotels that strangely resembles New York 's Big Apple. Situated in a river bend, and modeled after Manhattan, Yujiapu was envisioned in 2008 to become the new financial center of the world complete with a Rockefeller Plaza and China 's version of the Twin Towers. The 5-star Country Garden Phoenix Hotel, billed as the largest hotel in Asia is a deserted shell with no signs of construction.…
Open Document