"Farmers Revive Abandoned Chinese Ghost Town, Transforming Mansions"

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Source: Barron's
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A luxury complex in Shenyang, China, known as the State Guest Mansions, has been reclaimed by local farmers after being abandoned by property giant Greenland Group. The development, which was planned as European-style villas, stands as a symbol of the excesses and corruption in China's housing market. The reasons for the project's failure remain unclear, but suspicions of official corruption have been raised. Ghost towns like this one now dot urban landscapes across China, as the government's crackdown on excessive borrowing and speculation has left several developers burdened with debt and facing flagging demand. Urban explorers are showing interest in these ghost towns, documenting their findings online.

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