Part 5/12:
Real estate boomed in small counties during China’s housing frenzy, transforming barren plots into futuristic districts. However, the bubble has burst. Cranes have disappeared from skylines; underfunded developers have gone bankrupt. The once-vibrant construction sites are now eerily quiet skeletons of unfinished projects, signaling a deep recession in the housing sector.
Retail
In county towns, retail stores are dying, replaced by online shopping and shrinking foot traffic. Empty storefronts dominate streets, and landlords struggle to find tenants. Money that once circulated locally now flows directly to e-commerce giants like Alibaba and Pinduoduo in Beijing or Hangzhou, draining local economies of vital cash and activity.