Few cities which look like a Ghost’s place, built in China are being razed to the ground as none is coming forward to buy flats in them for the past eight years. Crossing fingers over what to do with them, the officials, about two weeks ago, took a decision. Do you know what their decision is? In Kunming city, they razed over 15 high-rise buildings using 85,000 explosives. Such incidents are likely to be most common in the days to come in China. The officials will pull down such unfinished structures soon.
Economic analysts say that over 9 crore houses remained unsold. Buyers are not coming forward to buy the houses developed on thousands of acres of land. The unsold housing units are so many that they can house the entire population of Group of five nations – Germany, France, Canada, Italy and UK. There are over 10 major players in construction field like The Ever Grand. But all of them are steeped in debt crisis.
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