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Construction at China’s Manhattan slows down – Report

Infra News - Published on Mon, 15 Apr 2019

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The New York Times reported that construction at a massive Chinese development billed as “China’s Manhattan” in Tianjin has stalled as 80% of the complex’s office space collects cobwebs. Welcome to Yujiapu Financial District, which promotes itself as China’s Manhattan, but may better be seen as a monument to the breakdown of the Chinese growth model. Four-fifths of the office space stands empty. Construction on other buildings has stopped, leaving skeletons in the sky. A sprawling mall has few shoppers. Inside, a pet store has no animals. The businesses and residents that local officials had hoped to attract have yet to show up. Juilliard, which is expected to draw in students and their families, will open its doors next fall, a rare Western institution taking a chance on this district.

Juilliard, the prestigious NYC music school, became one of the district’s few tenants when it committed to open a 2nd campus in Yujiapu. But with growth at a crawl, 150 Steinway pianos sit at a German port waiting to be shipped to an empty city.

The gleaming ghost town highlights a new economic reality in China: After years of big-time borrowing, Chinese investors bit off more development than Chinese consumers can chew.

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Posted By : Rabi Wangkhem on Mon, 15 Apr 2019
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