Ran across this on my daily blog troll. I posted a while ago video by Hugh Hendry showing an empty skyscraper in China. This video completely trumps such small matters as a single building, here's an entire city.... empty!
I spent some time on Google maps and found satellite photos of empty Ordos. Wow. Scroll around and you will see just how big the place really is. Notice the new construction with no cars on the road or parked at the homes. From the shadows it appears around noon time so you'd think there would be some activity, right?
I think there is a little bit of malinvestment going on in China. When the populous does not have valid and efficient uses for their capital they end up buying apartments in empty cities. Makes the chinese pig farmer hoarding copper look entirely rational, eh? Like America property prices only go up in China, right?
Here's an article by the westerner interviewed in the video.
If this isn't a blatant example of a bubble, I do not know what is. When this bubble finally bursts the world wide ramifications will be tremendous.