Satellite images show empty Chinese skyscrapers | world | Hindustan Times
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Satellite images show empty Chinese skyscrapers

New satellite images have shown that residential skyscrapers in recently built neighbourhoods in China are empty. The most recent pictures of unused housing emerged as China announced plans to build 20 cities a year for the next 20 years.

world Updated: Jun 19, 2011 22:04 IST

New satellite images have shown that residential skyscrapers in recently built neighbourhoods in China are empty.

The most recent pictures of unused housing emerged as China announced plans to build 20 cities a year for the next 20 years.

Despite pictures last year showing some of the reported 64 million empty homes, Chinese authorities have since erected more buildings.

The newly constructed buildings are not finding any buyers.

According to estimates, China consumes more steel, iron ore and cement per capita than any industrial nation in the world.

The Chinese government has warned that the situation of the real estate is getting worse, with property prices in major cities overvalued 70 %, the China Daily reports.

Of around 35 major cities surveyed last year, property prices in eleven including Beijing and Shanghai were between 30 and 50 % above their market value.