The incredible £176m ‘ghost town’ with 100 abandoned mansions | World | News
China has many ghost towns, but this one stands out because it is home to over 100 incredible mansions.
The abandoned complex is located in Shenyang City, 400 miles away northeast of China’s capital, Beijing.
The reason why it has so many lavish mansions is because in 2010, a property developer began work in the area but the construction came to a halt a few years later.
The project was built carried out amidst of a property spike where developers took on debt to build homes ahead of demand.
Greenland Group, the company that started the project, is one of the many developers in China that have defaulted on their debts in recent years.
A whopping £176 million was invested in the abandoned site, however only 5% of the homes at the State Guest Mansions project were sold before construction ended.
Today, the abandoned site has been overtaken by farmers, with images displaying animals including goats and cows herded in make-shift pens.
Inside the grand buildings you’ll find chandeliers, paintings, and other furnishings still in place. As well as homes, the complex was meant to feature a golf course, convention centre, and a hotel.
There is no official explanation as to why construction was stopped at the particular site. However, this issue is not exclusive to Greenland Group. It is reported that there are an estimated 20 million units of pre-sold, yet incomplete, homes across China.
The inside of a family unit in the complex showed dusty books laying on the ground and children’s stickers plastered on the wall showing signs of life yet incompletion.
The results of the uncompleted houses has caused a huge problem for many Chinese families who were set on moving into their new homes.
Beijing attempted to sort out the housing crisis by setting strict debt and cash flow targets on developers, resulting in a string of developer defaults. In July 2023, Greenland defaulted on over $400 million worth of international bonds, equivalent to around £317 million.
