empty city
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This video uses the Kangbashen New District (康巴什) of Ordos City to describe the misallocation to fixed asset investment, which of course exists.
In most developed countries with anemic growth, this would be disastrous. And beyond a point, this would be so in China as well. However, as is, one should look at the dynamics of the thing. I mentioned here the scale of urbanization that must take place, so the demand is there, just with a time offset. While this time offset may be infinity elsewhere, this is probably on the order of a few years here. One only needs to recall how “empty” Pudong used to be.
