China feels Detroit's vacany pain

[buildingsofdetroit]

Vacant skyscrapers everywhere. Sound familiar? No, this isn't Detroit, it's the world's fastest-growing economy. Someone better call Adamo and tell it to open a Chinese branch - there's lots of schitt to tear down.

From Bloomberg News Service:
Empty buildings are sprouting across China, many of them skyscrap-
ers built by companies with access to $1.4 trillion made available for loans
last year.
Jack Rodman of Global Distressed Solutions LLC, which advises private
equity and hedge funds on Chinese property and banking, counts 55 in
Beijing, where the office vacancy rate is 22.4%, not including many buildings
about to open, such as the 74-story China World Tower 3, which will be
Beijing’s tallest.
“There’s a monumental property bubble and fixed-asset investment
bubble that China has under way right now,” hedge fund manager James
Chanos said in a Jan. 25 Bloomberg Television interview. “And deflating
that gently will be difficult at best.”
The supply of office buildings will continue to grow. Jones Lang LaSalle
Inc., a Chicago-based real-estate company, estimates that about 1.2 million
square meters [[12.9 million square feet) of office space in Beijing
will come on line this year. The district government is seeking to double
the size of the city’s Central Business District, which already has the highest
vacancy rate ever recorded in Beijing, 35% at the end of 2009, according to
Jones Lang LaSalle.
Zhong Rongming, deputy general manager of the Beijing-based China
World Trade Center Co., which built China World Tower 3, said the comp-
any is “optimistic about 2010 prospects” given China’s accelerating
economic growth. He said the new tower will include tenants such as
Mitsui & Co. and the Asian Development Bank.

[Danny]

Vacant skyscrapers everywhere. Sound familiar? No, this isn't Detroit, it's the world's fastest-growing economy. Someone better call Adamo and tell it to open a Chinese branch - there's lots of schitt to tear down.

From Bloomberg News Service:
Empty buildings are sprouting across China, many of them skyscrap-
ers built by companies with access to $1.4 trillion made available for loans
last year.
Jack Rodman of Global Distressed Solutions LLC, which advises private
equity and hedge funds on Chinese property and banking, counts 55 in
Beijing, where the office vacancy rate is 22.4%, not including many buildings
about to open, such as the 74-story China World Tower 3, which will be
Beijing’s tallest.
“There’s a monumental property bubble and fixed-asset investment
bubble that China has under way right now,� hedge fund manager James
Chanos said in a Jan. 25 Bloomberg Television interview. “And deflating
that gently will be difficult at best.�
The supply of office buildings will continue to grow. Jones Lang LaSalle
Inc., a Chicago-based real-estate company, estimates that about 1.2 million
square meters [[12.9 million square feet) of office space in Beijing
will come on line this year. The district government is seeking to double
the size of the city’s Central Business District, which already has the highest
vacancy rate ever recorded in Beijing, 35% at the end of 2009, according to
Jones Lang LaSalle.
Zhong Rongming, deputy general manager of the Beijing-based China
World Trade Center Co., which built China World Tower 3, said the comp-
any is “optimistic about 2010 prospects� given China’s accelerating
economic growth. He said the new tower will include tenants such as
Mitsui & Co. and the Asian Development Bank.

Let Communist China DIE! Its people will rise up and institute a new government.

[Russix]

The massive spending on expanding the Beijing Subway[[7 1/2 Billion) maybe partially to blame for the heavy investment and development of downtown Beijing. Either they over estimated future demand or they will be right on the mark when it's completed in 2012.