In Huailai, Evergrande's Ghost City Illustrates China's Real Estate Crisis
About 130 kilometers from Beijing, a vast abandoned real estate project by troubled developer Evergrande has transformed into a low-cost shelter for retirees and divorced individuals.
According to Le Monde, in Huailai, approximately 130 kilometers northwest of Beijing, stands what was supposed to be a model city designed by Chinese real estate giant Evergrande. The project, envisioned to house tens of thousands of residents, today illustrates the scale of the crisis hitting China's real estate sector.
The media reports that the building facades remain unfinished and numerous amenities planned for the site were abandoned mid-construction. These installations bear witness to the abrupt halt of work, following the financial collapse of the developer, once one of the country's most powerful.
Despite its incomplete state, the site has transformed, Le Monde reports, into a low-cost living space. Retirees and divorced individuals have moved in, attracted by housing prices significantly lower than those on the regular market in the Beijing region.
Evergrande, once regarded as one of the main engines of China's real estate boom, collapsed under the weight of colossal debt, leading to the halt of numerous construction projects across the country. The Huailai case thus fits, according to Le Monde, into a broader context of crisis in the Chinese real estate sector, marked by unfinished projects and persistent financial difficulties for several major developers in the country.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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