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Full Version: Chinese 'Dubai' turns into a deserted island
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IT was billed as China's Dubai: a cluster of sail-shaped skyscrapers on a man made island surrounded by tropical sea, the epitome of an unprecedented property boom that transformed skylines across the country.

But prices on Phoenix Island, off the palm-tree lined streets of the resort city of Sanya, have plummeted in recent months, exposing the hidden fragilities of China's growing but sometimes unbalanced econom

Read more: http://www.news.com.au/travel/world/chin...z2Lt4woIyH
the housing boom has peaked already.

a lot of analysts are saying this as well.

if they can engineer a soft landing, things won't be so bad.
I've visited a lot of ghost towns already. these places are scary. I don't think the housing prices will burst too bad for tier 1 cities like shenzhen, beijing or shanghai..

but def. for tier 2 and below.. the situation is shaky.
Should be ok the middle class is set to grow in numbers over the next 50 years from memory.

Just thought some Eyers might want to look into buying while its bottomed out. Not sure what the foreign investment tax is like there tho..
it's getting harder for foreigners to buy property in China. they are also instituting a property tax for 2nd or 3rd homes IIRC.
Those whacky Chinese

House demolished in Wenling after owner accepts compensation

[Image: 654383-china-freeway-house.jpg]

AUTHORITIES have demolished a five-storey home that stood incongruously in the middle of a new main road and had become the latest symbol of resistance by Chinese homeowners against officials accused of offering unfair compensation.
Xiayangzhang village chief Chen Xuecai told The Associated Press the house was bulldozed Saturday after its owners, duck farmer Luo Baogen and his wife, agreed to accept compensation of $40,000.

There was no immediate confirmation from Luo, whose cellphone was turned off.

The couple had been the lone holdouts from a neighborhood that was demolished to make way for the main thoroughfare heading to a newly built railway station on the outskirts of the city of Wenling in Zhejiang province.

The razing comes a week after images of the house circulated widely online in China, triggering a flurry of domestic and foreign media reports about the latest "nail house,'' as buildings that remain standing as their owners resist development are called.

Luo, 67, had just completed his house at a cost of about $92,000 when the government approached him with their standard offer of $33,847 to move out - which he refused, Chen has previously said. The offer then went up to $40,000 last week.

It was not immediately clear why Luo accepted the compensation in a meeting with officials Friday afternoon when the amount of money offered was the same as a week ago.

Luo Baogen pictured next to his house in the middle of a newly built road in Zhejiang province. Picture:AP
Village chief Chen said Luo was tired of all the media attention and voluntarily consented to the deal. "Luo Baogen received dozens of people from the media every day and his house stands in the center of the road. So he decided to demolish the house,'' Chen said.

Authorities commonly pressure residents to agree to make way for development with sometimes extreme measures, such as cutting off utilities or moving in to demolish when residents are out for the day. In Luo's case, however, he had told local reporters last week his electricity and water were still flowing.
^ nice seeing you back Prof. where ya been? we missed ya!

Nice pic and article too.

THIS IS ANOTHER EXAMPLE of what i'm talking about. the govt. RESPECTS the rights of the people!!! in the US they force your ass out with eminent domain... in China they are highly reluctant to force someone to move. there are tons of pics of houses called "nail-houses" in which the owner of the house won't move and there is nothing people can do about it.
another example

[Image: houses-refuse-to-move-sell-nail-house-china-3.jpg]

the govt. respects the rights of the citizens! i asked around about this too and they said if even ONE resident refuses to move, there is basically nothing they can do. this is RULE OF LAW FOLKS! china ain't perfect but at least they PRETEND to follow the law!
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