From Business Insider –

The hottest market in the hottest economy in the world is Chinese real estate. The big question is how vulnerable is this market to a crash.
One red flag is the vast number of vacant homes spread through China, by some estimates up to 64 million vacant homes.
We’ve tracked down satellite photos of these unnerving places, based on a report from Forensic Asia Limited. They call it a clear sign of a bubble: “There’s city after city full of empty streets and vast government buildings, some in the most inhospitable locations. It is the modern equivalent of building pyramids. With 20 new cities being built every year, we hope to be able to expand our list going forward.”

I am indebted to Luke H. Lee for bringing this story to my attention.

I am often told how China will be the next superpower. I point out the numerous dangerous border situations, the rampant corruption, and the inherent inefficiency of a communist government. Yet, I fail to make a dent. The conventional wisdom is too strong.

This evidence is hard to dismiss. The United States was considered to be foolish when there were unoccupied developments, housing and commercial, but cities? That’s a disaster. And it’s ongoing.

James Pilant