Erdos' Kangbashi in the Inner Mongolia Autonomous Region is a example of a housing bubble gone bust. Entire neighborhoods seemingly sprang up over night, but the people never came.
Local authorities spent 5 years carving this city out of the desert, ploughing more than 12 billion yuan into its development. Speculators bought most of the houses but never moved in, hoping to sell them off for a quick profit.
Further south, this city was once billed as the world's first fully realized eco-city. Caofeidian industrial zone in North China's Hebei Province, is now struggling to pay daily interest rates on the hundreds of billions of yuan it has borrowed.
The ecological city within the zone built through land reclamation, was made possible through huge bank loans. After being half built, all bank loans were halted and projects suspended due to rising costs of raw materials and a lack of government support.
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