Xueshan Art Town in Yunnan province was built with 3.5 billion yuan worth of investment, but it is now a ghost town. Photo: Weibo
Xueshan Art Town in Yunnan province was built with 3.5 billion yuan worth of investment, but it is now a ghost town. Photo: Weibo

China cracks down on ‘characteristic towns’ that misused land, real estate while racking up massive debt

  • An initiative to develop towns outside megacities was launched five years ago as part of China’s urbanisation push, but improper planning has plagued projects
  • Latest move comes as Beijing is striving to reduce high local government debt and excess that collectively pose a serious threat to China’s economy

Topic |   China property
Xueshan Art Town in Yunnan province was built with 3.5 billion yuan worth of investment, but it is now a ghost town. Photo: Weibo
Xueshan Art Town in Yunnan province was built with 3.5 billion yuan worth of investment, but it is now a ghost town. Photo: Weibo
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