The number of ghost towns in China’s third and fourth-tier cities are steadily increasing as Beijing tightens credit forcing property developers to abandon projects and threatening the country’s housing boom.
Xingrun Properties, in the coastal city of Ningbo is the largest such developer reportedly under financial stress with $570 million owed to banks, UK’s The Telegraph has reported citing Chinese newspaper Economic Daily News.
Loading...
Negar Salek is the digital editor for AFR.com. Based in our Sydney newsroom, Negar has over 15 years experience as a journalist and web editor. She writes breaking news and specialises in technology companies. Connect with Negar on Twitter. Email Negar at nsalek@afr.com.au
