And you think Coal Harbour feels vacant.
From Next City:
Nova Cidade de Kilamba was built by a state-owned Chinese investment company on an assumption of housing deficits and a need to provide mixed-use buildings in the outskirts of Luanda, the capital city (of Angola).
.
Today, this development is empty. The neighboring slum dwellers are unable to afford the expensive apartments, and better-off residents don’t want to move away from the central business district’s economic activity and amenities. It is clear that this project was not well thought through. Indeed, it was a fantasy and has remained so since its inception — an ominous sign for the many other New Cities popping up around the continent.
You do not have to go to Africa, to see products of Chinese construction craze. At home in Taiyuan, a city in the north Chinese Province of Shanxi, the owner of a car could not be found, when his parking garage was slated for demolition. Result:
(From: http://www.spiegel.de/panorama/bauwahn-in-china-auto-von-bauschutt-umzingelt-a-898330.html)
In the same city a dispute between the authorities and the family of the person(s) buried here did not halt the start of another highrise:
From: http://www.spiegel.de/panorama/china-hochhaus-wird-um-grabstaette-herumgebaut-a-871390.html
Here in Lao Baogen the owners would not move, so the highway was built around their homes:
From: http://www.spiegel.de/fotostrecke/china-bewohner-in-wenling-wollen-nicht-aus-haus-weichen-fotostrecke-90060.html
That’s when the developer should cut bait and sell the buildings to the local government at a loss – instant social housing.