Photos: Latest satellite images of China's Ghost Towns
By IBTimes Staff Reporter | Jun 19, 2011 11:15 AM EDT
New satellite pictures show skyscraper townships completely empty in China that have been abandoned after construction.
The most recent pictures of unused housing emerged as China announced plans to build 20 cities a year for the next 20 years.
And despite pictures last year showing some of the reported 64 million empty homes, Chinese authorities have since erected many more buildings.
Gillem Tulloch, an analyst for Forensic Asia Limited has described one of the areas in Chenggong as a "forest of skyscrapers".
The photographs have emerged as a Chinese government think tank warned that the country's real estate bubble is getting worse, with property prices in major cities overvalued by as much as 70 per cent, the Daily Mail reports.
The People's Bank of China has raised interest rates four times in the last two years and raised bank deposit requirements 11 times since January 2010, reports Caixin, a Chinese business magazine.
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
Latest satellite images reveal China’s Ghost Towns
Source: Satellite images
