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China’s Largest ‘Ghost City’ Booms Again Thanks to Education Fever
Nikkei Asia Kangbashi, a town in the middle of barren Inner Mongolia deserts, once found itself stuck with rows of newly built-but-vacant apartment buildings, earning a na-tionwide reputation as a “guicheng,” or ghost town.
Now the district in the city of Ordos is back. Having sold previously empty apartments, Kangbashi town is building more high-rise complexes. “We’re not a ghost town anymore,” a local property sales manager said with a laugh.
The secret to the reversal of the town’s fortunes is the intense competition among high school students, and their parents, to be accepted into China’s top universities. Once mu-nicipal officials moved some of the city’s top schools into Kangbashi, the so-called tiger parents followed and property prices along with new investment soared.
RESUMPTION OF TRADING 2020 ANNUAL RESULTS HIGHLIGHTS Achieved contracted sales for the year ended December 31, 2020 (the Reporting Period ) of RMB18,532.2 million with corresponding gross floor area ( GFA ) of approximately 1,014,003 sq.m.; Revenue for the Reporting Period was RMB5,768.9 million, of which the revenue from property development was RMB5,016.8 million; Gross profit for the Reporting Period was RMB1,045.5 million; Profit for the year, excluding the one-off loss on disposal of the eight real estate project companies, was approximately RMB255.7 million; Land reserves reached a total GFA of 9,598,769 sq.m. and the average cost of land reserves was RMB3,831.5 per sq.m. for the Reporting Period;