China’s copy of Manhattan is no longer a ghost town, Bloomberg reports. But that doesn’t mean it has forever forestalled a “day of reckoning” for its debt-fueled growth.
The northern city of Tianjin drew negative press coverage a few years ago because of a newly built replica of Manhattan complete with a mock Rockefeller Center that was created as part of a massive government infrastructure project but for years was little more than a ghost town. But the city is now occupants are finally clocking to the city: Bloomberg reports that once empty skyscrapers, vacant office towers and unfinished hotels and apartments are gradually filling up amid the central government’s renewed push to refashion the city into a crucial gateway for a revitalized Northern China.
This post was published at Zero Hedge on May 19, 2017.