Home World China’s largest ghost city, 5 times higher house prices… “Tiger parents saved”

China’s largest ghost city, 5 times higher house prices… “Tiger parents saved”

by news dir

Located in Ordos, Neimong-gu, China, Kangvas was once China’s largest’ghost city’, which was filled with empty apartments.

Real estate prices fluctuated by attracting prestigious schools
Provides half-price housing for excellent teachers
“Short-term impact may stop”

However, the Japanese magazine Nikkei Asia recently reported that prices are going high as competition is being held to buy apartments here.

A new apartment building in Ordos Camvas. In China, the number 8 is considered awkward, meaning’make money’. [시나망]

The housing price of Kangvas has risen three to five times from 3,000 to 5,000 yuan (850,000 won) per square meter a few years ago to 15,000 yuan (2.57 million won) per square meter.

Why did the ghost city real estate prices suddenly rise?

Nikkei Asia said, “Students aiming to go to a top-notch university and’Tiger Parents’ led the increase in real estate prices.” Tiger parents are Chinese-American Amy Chua, a professor at Yale University Law School’s book “Tiger Mother,” which is a concept suggested in the book “Tiger Mother”.

As the prestigious school’Ordos Jeil Middle School’, which sent many students to top Chinese universities, moved to this place, local real estate prices were upset. The local government has actively stepped forward by providing’half-price housing’ to bring in talented teachers.

As the prestigious school was moved to Kangvas, the real estate price was excited.[웨이보]

As the prestigious school was moved to Kangvas, the real estate price was excited.[웨이보]

Currently, there are apartments and high-rise shopping malls in Kangvas.

Nikkei Asia analyzed, “Since China only admits students living in the area around the school, the prices of houses around good school districts increase.” In fact, even in large cities such as Beijing and Shanghai, if a prestigious bridge is located, the prices of nearby apartments are said to exceed millions of dollars per unit.

As the’migration fever’ of parents and children is blowing, Kangvas is expected to promote 10 additional urban construction projects by the end of this year.

View of Ordos Camvas. [시나망]

View of Ordos Camvas. [시나망]

This is not the first time in China to save a ghost city through’tiger parents’. In Tianjin in 2015, there was a case where the “tiger parents” significantly increased the price of real estate.

The photo shows a resident living in a village in Ordos in 2019.  Originally, Kangvas was a ghost town lined with empty apartments. [신화=연합뉴스]

The photo shows a resident living in a village in Ordos in 2019. Originally, Kangvas was a ghost town lined with empty apartments. [신화=연합뉴스]

On the other hand, there are also many concerns about a rapid rise in real estate prices in a short period of time thanks to the tiger’s parents. This is because the bubble can go out again at any time.

Nikkei Asia warned, “It is true that school relocation has had a great effect on real estate, but it may be limited to temporary or limited effects.”

Another risk factor is the long-term stagnation of China’s population growth. Even if the population inflows in search of a good educational environment in the beginning, there is a possibility that the incentive to live will disappear and become a ghost city again due to the trend of declining enrollment population.

Reporter Seo Yujin, Researcher Jang Minsoon [email protected]


Related Articles

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.