Growth for growth's sake. China has spent a lot of time building high rise apartments without the need for them, simply to have growth. Currently the capacity already planned will house about twice the Chinese population, or well over 3 billion people. One word comes to mind; unsustainable.
They have whole cities, lots of them, with barely a soul living in them.
I noticed an article in the papers today even without those housing figures from China, concerned about a downturn in China affecting property markets in Australia, as there are a lot of Chinese buying luxury apartments in Australian cities.
Sounds about right. There's places going up everywhere around Sydney, but they're all luxury apartments that the average Australian can't afford. Or rent. How many people are willing to pay a half million for a one bedroom unit in Coogee for example?
The same word comes to mind; unsustainable. We're betting our economy on China?
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