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China cracks down on ‘characteristic towns’ that misused land, real estate while racking up massive debt

Summary:
[unable to retrieve full-text content]Across China, poorly planned ghost towns filled with unsold homes or faux-historic architecture – part of an initiative meant to boost tourism and local revenue – are facing elimination as Beijing puts them under the microscope.The move is in line with the central government’s efforts to crack down on high local government debt and excess.Last month, the National Development and Reform Commission – the state planner – announced that these “characteristic towns” will be assessed and could be…

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[unable to retrieve full-text content]
Across China, poorly planned ghost towns filled with unsold homes or faux-historic architecture – part of an initiative meant to boost tourism and local revenue – are facing elimination as Beijing puts them under the microscope.The move is in line with the central government’s efforts to crack down on high local government debt and excess.Last month, the National Development and Reform Commission – the state planner – announced that these “characteristic towns” will be assessed and could be…
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