A Look Inside a Ghost Town of Abandoned Mansions
February 21, 2024In this edition of Above the Line, WSJ's Jonathan Cheng visits an abandoned "ghost town" in Shenyang City, constructed by the Greenland Group. We see the deepening property crisis in China, as sales of new homes continue to plummet and indebted developers find it increasingly difficult to secure funding for their projects. The real estate sector, once a pillar of economic stability, is now a source of volatility, with giants like Evergrande liquidating and over 50 housing developers defaulting on their debts in recent years.
Let's explore the implications.
Video: Inside a Chinese Ghost Town of Abandoned Mansions | WSJ
The Wall Street Journal
An insightful journey through an abandoned ghost town, highlighting the severity of China's property crisis.
Justice Department Rejects Settlement in Commissions Case
The Real Deal
A significant development in the real estate industry, as the Justice Department rejects a proposed settlement, signaling ongoing legal battles over commission structures.
CoStar Group Sees Annual Revenue Below Estimates on Weak Property Demand
MSN
An update on the CoStar Group's financial performance, as it faces challenges due to decreased demand in the property market.