Beijing’s Olympic building boom becomes a bust

From the LA Times, something we also see a lot of in Tianjin: “500 million square feet of commercial real estate has been developed in Beijing since 2006, more than all the office space in Manhattan. And that doesn’t include huge projects developed by the government. He says 100 million square feet of office space is vacant — a 14-year supply if it filled up at the same rate as in the best years…

Construction cranes jut into the skyline, but increasingly they are fixed in place, awaiting fresh financing before work resumes.”

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