In relative terms, the American Sunbelt may be under built compared to parts of China. There are rumored to be a number of newly built ghost towns spread around China, with homes sold to speculators and almost no inhabitants. If the current speculative buying frenzy continues, it will be just a matter of time before the Chinese real estate bubble bursts, and the repercussions would be felt worldwide.
The New York Times reports that there are conflicting opinions in China as to whether the building frenzy is the result of wild speculation or smart planning. At any rate, there are supposedly at least a dozen newly constructed ghost towns scattered through the Chinese countryside. My guess is that it's not the result of smart planning.
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