As a follow on from yesterday’s post, we examined one of the areas that has already been through the demolition process, with massive tower blocks currently underway. A massive artificial lake, with the surrounding suburban area referred to as the ‘Aqua Park’, has now become prime real estate with homes currently on sale. Though appearing to do quite well in terms of number of properties sold, the majority of these projects typically remain empty and unsold, due to the developer’s high expectations of people from rural areas who will wish to move to such tower complexes.
For the majority of people in Kunming, however, the prices are typically out of reach and the demand is far lower than initially hoped, creating a sort of housing bubble with the majority of properties remaining empty.
Posing as potential buyers, we visited several sample flats as well as villas currently under construction.