China’s real-estate struggles rose to prominence in 2021, when industry giant Evergrande became the most indebted company in the world and defaulted.
At the time, there were at least 65 million vacant properties in the country, which would have been enough to house the entire population of France, Insider previously reported.
City’s like Shenyang, in the country’s northeast, were envisaged as new hot spots for China’s ultra-rich, with flashy European-style villas.
Today, farmers have taken over the ghost town, plowing the land and letting cattle roam free around the empty mansions.
The government has since enacted efforts to move some of the country’s top schools to the region, which has led to an influx of families and high-achieving students, bringing the population and real-estate prices up, Japanese publication Nikkei Asia reported in 2021.
Despite these efforts, Inner Mongolia, the autonomous region of China where Ordos is located, is still one of the slowest-growing areas of the country, per the report.
The original article contains 420 words, the summary contains 160 words. Saved 62%. I’m a bot and I’m open source!
This is the best summary I could come up with:
China’s real-estate struggles rose to prominence in 2021, when industry giant Evergrande became the most indebted company in the world and defaulted.
At the time, there were at least 65 million vacant properties in the country, which would have been enough to house the entire population of France, Insider previously reported.
City’s like Shenyang, in the country’s northeast, were envisaged as new hot spots for China’s ultra-rich, with flashy European-style villas.
Today, farmers have taken over the ghost town, plowing the land and letting cattle roam free around the empty mansions.
The government has since enacted efforts to move some of the country’s top schools to the region, which has led to an influx of families and high-achieving students, bringing the population and real-estate prices up, Japanese publication Nikkei Asia reported in 2021.
Despite these efforts, Inner Mongolia, the autonomous region of China where Ordos is located, is still one of the slowest-growing areas of the country, per the report.
The original article contains 420 words, the summary contains 160 words. Saved 62%. I’m a bot and I’m open source!
Good bot!