Can you believe that property prices can drop from 12,000 to just 600 yuan per square meter? Right now, ghost towns like this are becoming more and more common in China.
Official data shows that there are over 50 empty cities in China, and one of the most notable is in Zhangjiakou, Hebei. There’s a development called “Xiahuayuan” that used to cost 12,000 yuan per square meter. Now, the price has fallen to just 600 yuan, a drop of 95%. A property that once cost over a million yuan is now only worth a few tens of thousands.
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