I don&#x27;t have any direct sources for this, but the word that I heard from a friend who spent some time in China recently was the following:<p><pre><code>  - Chinese investors have limited places to park their cash.  Stock market and real estate are two major options, and real estate is seen as a superior investment (stock market has... problems, you could say)
  - Chinese law prevents purchasing property without developing it.
  - Real estate investments therefore require barebones property development--regardless of tenancy--in order to remain legitimate.
</code></pre>
Therefore, &quot;ghost towns&quot; are a natural outcome of Chinese investment in Chinese growth.  They can remain vacant for a long time and still satisfy the investment goals of the developer.<p>(edit: list formatting)