China tries — and fails — to build its own Manhattan

[88m3]

Much-trumpeted project has not attracted tenants; "throwing money in the water"
June 29, 2014 05:00PM

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  Yujiapu, a Chinese city modeled on Manhattan
  
  Canada already got its own Upper West Side, and now China is wrapping up a replica Manhattan. One problem: it’s a ghost town.
  
  The skyscraper-filled Yujiapu section of the northern port city of Tianjin, which is modeled on Manhattan, has failed to attract tenants, after nearly four years of building.
  
  “Investing here won’t be better than throwing money into the water,” Chinese investor Zhang Zhihe told Bloomberg News. “There will be no way out — it will be very difficult to find the next buyer.”
  
  The project isn’t scheduled for completion until 2019, but when it is it will boast a new 3.86 million-square-meter financial center. The project is expected to cost RMB 200 billion, or roughly $32 billion.
  
  But despite its troubles, construction isn’t slowing.
  
  “Yujiapu is too iconic and too well-known in association for Tianjin for the government not to do their best to make it successful,” Michael Hart, managing director at Jones Lang LaSalle in Tianjin, said.
  
  He added that the government will likely fill the vacant space with state-owned enterprises.[Bloomberg News] –Christopher Cameron
  
  
• http://therealdeal.com/blog/2014/06/29/china-tries-and-fails-to-build-its-own-manhattan/

 

[Robbie3000]

Don't they have a city modeled after Paris as well?

Chinese need to stop biting.

 

[Akata Man Bromo]

 

[IAmGettingAMailOrderBride]

They probably made it expensive as hell to live there acting like everyone has money

 

[Chris.B]

can these yellow nikkas think outside the box?

 

[Amestafuu (Emeritus)]

Don't they have a city modeled after Paris as well?

Chinese need to stop biting.

This will never happen biting is their bread and butter.

Also they can't stop building because they over produce building materials so have to keep using em to make it look like the economy is working till it ain't

 

[Amestafuu (Emeritus)]

can these yellow nikkas think outside the box?

Can u stop sounding like a fukking redneck...

I'm not sure you should even be using the n word anymore to be honest. Your just a conveniently black when it time to be down ass c00n.

 

[tmonster]

they don't understand what makes Manhattan great is "American Freedom" or at least the delusion of it, them cats busy blocking twitter for any ole reason

 

[newworldafro]

Much-trumpeted project has not attracted tenants; "throwing money in the water"
June 29, 2014 05:00PM

« PREVIOUS NEXT »

• 
  Yujiapu, a Chinese city modeled on Manhattan
  
  Canada already got its own Upper West Side,

somebody need to flat top this thang... they weren't even trying

 

[Poitier]

America has how many failing cities?

 

[blackzeus]

they don't understand what makes Manhattan great is "American Freedom" or at least the delusion of it, them cats busy blocking twitter for any ole reason

Exactly Manhattan is Manhattan because LITERALLY anybody can make it and there's billions to be made everyday. The expensiveness and real estate values are just a reflection of that, not vice versa. You need to find the world's top hustlers and put them all in one location, that's the only way you're going to be able to replicate anything like Manhattan.

 

[Domingo Halliburton]

there's this chinese real estate company that's ridiculously undervalued and I want to invest in it. But then I see stories like this and you hear about all the ridiculous (fraudulent) loans it takes to build shyt like this and it scares me away.

 

[tmonster]

Exactly Manhattan is Manhattan because LITERALLY anybody can make it and there's billions to be made everyday. The expensiveness and real estate values are just a reflection of that, not vice versa. You need to find the world's top hustlers and put them all in one location, that's the only way you're going to be able to replicate anything like Manhattan.

they can try

 

[blackzeus]

they can try

Manhattan is 100% capitalism b. You can be a hobo off the street and get a job as a broker's assistant and go from there. You just have to show your drive. I don't know about America, but NYC is truly the one place where anybody can make it.

 

[AyahuascaSippin]

Exactly Manhattan is Manhattan because LITERALLY anybody can make it and there's billions to be made everyday. The expensiveness and real estate values are just a reflection of that, not vice versa. You need to find the world's top hustlers and put them all in one location, that's the only way you're going to be able to replicate anything like Manhattan.

I think you mean manhattan is manhattan because literally EVERYONE is TRYING to make it after 200+ years of oppression and false promises to escape the english banking system.. and all you're left with is 2 or 3 people with the same wealth as the 1.6 million people trying to purchase the illusion of wealth..

I'll bet the combined western debt that these cities will be rammed in the next 30/40 years while the austerity measures become more dramatic.. i mean we call china overpopulated.. at least the infrastructure matches the growth