SHENYANG, Liaoning: Cattle wander between the concrete shells of half-finished mansions in northeastern China, some of the only occupants of a luxury complex whose crumbling verandas and overgrown arches are stark symbols of a housing market crippled by its own excess.
Local farmers now plough land that was envisaged as manicured gardens for the wealthy and politically connected, while feral dogs patrol crudely built poultry pens and double garages crammed with hay bales and farm equipment."Frankly, it was because of official corruption," a farmer named Guo told AFP as he dug for edible weeds beneath a creaking 10-metre-high metal fence screening the development from a nearby highway.
This photo taken on Mar 31, 2023 shows cattle near deserted villas in a suburb of Shenyang in China's northeastern Liaoning province. But the government clamped down on excessive borrowing and rampant speculation in 2020, leaving several developers grappling with massive debt and flagging demand. This photo taken on Mar 31, 2023 shows a housing estate model at a deserted housing sales building in a suburb of Shenyang in China's northeastern Liaoning province.
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