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.
Here's China's most famous ghost city: Ordos
There are no cars in the city, except for a few dozen parked at the glamorous government center
Ordos even has an avant-garde art museum -- totally empty
Here's China's biggest ghost city: Zhengzhou New District
This $19 billion development is packed with blocks of empty houses
Like Ordos, Zhengzhou New District has glamorous public buildings
Zhengzhou New District residential towers -- EMPTY
Here's a rendering of Zhengdong New District Wetland Park (people added with Photoshop)
This city was built in the middle of a desert: Erenhot, Xilin Gol, Inner Mongolia
Half of Erenhot is empty. The other half is unfinished
Is that a hotel in Erenhot?
See that orange area to the north-east of the Xinyang?
It's a giant new development, which doesn't even have a name yet.
No cars in the city except for approximately 100 clustered around the government headquarters
The ghost city of Dantu has been mostly empty for over a decade
In most neighborhoods of Dantu, there are no cars, no signs of life
The mostly empty city of Bayannao’er, which boasts a beautiful town hall and World Bank-sponsored water reclamation building
Now here's Kangbashi, a new city with capacity for 300,000 -- that houses 30,000
Finally, here's a giant new campus for Yunnan University, which was built to accommodate 2.3 million students. It has 11,000 enrolled.
Read more: http://www.businessinsider.com/pictures-chinese-ghost-cities-2010-12?slop=1#ixzz1B8KyDRdA