Par Robert Wenzel:
I am not making things up when I say a good chunk of China's GDP is fake. Things have been built in China, through government planning that register as part of the phenomenal GDP, but have no real value, like 30 to 50 million vacant apartments.
Here's the latest. China has a fake deserted Disneyland-type amusement park. David Gray writes at Reuters:
Along the road to one of China’s most famous tourist landmarks – the Great Wall of China – sits what could potentially have been another such tourist destination, but now stands as an example of modern-day China and the problems facing it.
Situated on an area of around 100 acres, and 45 minutes drive from the center of Beijing, are the ruins of ‘Wonderland’. Construction stopped more than a decade ago, with developers promoting it as ‘the largest amusement park in Asia’. Funds were withdrawn due to disagreements over property prices with the local government and farmers. So what is left are the skeletal remains of a palace, a castle, and the steel beams of what could have been an indoor playground in the middle of a corn field.
Pulling off the expressway and into the car park, I expected to be stopped by the usual confrontational security guards. But there was absolutely no one to be seen. I walked through one of the few entrances not boarded up, and instantly started coughing. In front of me were large empty rooms and discarded furniture, all covered in a thick layer of dust, along with an eerie silence that gave the place a haunted feeling – an emotion not normally associated with a children’s playground...
All these structures of rusting steel and decaying cement, are another sad example of property development in China involving wasted money, wasted resources and the uprooting of farmers and their families...
Click here for pics of the deserted "Disneyland"
The Chinese crash that is going to hit the stock market is going to be very loud. Not only are there empty apartments, children's amusement parks, but also train stations, airports and super trains.