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China's doom story: The signs of a downfall

Last updated on: December 15, 2011 12:08 IST

China's doom story: The signs of a downfall

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Among its various records, China now has the world's largest vacant malls, empty cities, and stalled amusement parks.

Wonderland was slated to be Asia's biggest theme park. Spread across a sprawling 100-acre plot of land on the outskirts of capital city, Beijing, it was modelled on the lines of the famous Disneyworld in the United States.

However, as farmers and government disagreed over property prices, the construction was stopped in 1998. The efforts to build it again is 2008 also failed.

Today, remains of a castle and several pavilions remain in the land in Chenzhuang village.
As sales of residential property dropped for the third month in November, there are big worries on a real estate crash in China.

The world fastest growing economy has tough times ahead as it faces a realty doom.

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Image: A farmer carries a shovel over his shoulder as he walks to tend his crops in a field that includes an abandoned building, that was to be part of an amusement park called Wonderland.
Photographs: David Gray/Reuters.

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With local governments often dependent on land sales to fund payments on a staggering 10.7 trillion yuan ($1.7 trillion) of debt, Beijing worries that a collapsing property market will trigger a wave of defaults that in turn will hit the banks.

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Image: The entrance to an abandoned building leads into a derelict amusement park called 'Wonderland', on the outskirts of Beijing.
Photographs: David Gray/Reuters.
Tags: , China , Beijing

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China's doom story: The signs of a downfall

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More worrisome, the property market, which contributes about 10 percent of Chinese growth and drives activity in 50 other sectors, could drag the real economy to a hard landing, says Reuters.

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Image: A farmer carries a shovel over his shoulder as he walks through an abandoned building, that was to be part of an amusement park called 'Wonderland', to tend his crops on the outskirts of Beijing.
Photographs: David Gray/Reuters.
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A view of abandoned buildings that were to be part of an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: A view of abandoned buildings.
Photographs: David Gray/Reuters.
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A crack is seen in a footpath leading to an abandoned building that was to be part of an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: Abandoned wonderland.

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China's doom story: The signs of a downfall

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A view of a vacant carpark in front of abandoned buildings that were to be part of an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: A view of a vacant carpark.

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China's doom story: The signs of a downfall

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Writing on a gate tells people to "be responsible for your actions" when entering an abandoned building that was to be part of an amusement park called 'Wonderland'.

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Image: Writing on a gate tells people to be responsible for your actions.
Photographs: David Gray/Reuters.
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China's doom story: The signs of a downfall

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An abandoned building that was to be part of an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: An abandoned building that was to be part of an amusement park.
Photographs: David Gray/Reuters.
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China's doom story: The signs of a downfall

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A view of abandoned buildings that were to be part of an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: Abandoned buildings.

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China's doom story: The signs of a downfall

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Cracks are seen in a carpark in front of abandoned buildings that were to be part of an amusement park called 'Wonderland'

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Footsteps in fresh snow are seen across a walkway leading to the entrance of a derelict amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: Footsteps in fresh snow are seen across a walkway.

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Tree branches line an entrance into an abandoned building that was to be part of an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: Tree branches line an entrance into an abandoned building.
Photographs: David Gray/Reuters.
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a's doom story: The signs of a downfall

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A building in the shape of a castle stands uncompleted in a field in what would have been an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: A building in the shape of a castle stands uncompleted in a field.
Photographs: David Gray/Reuters.
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China's doom story: The signs of a downfall

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A sign warning people about potential poisons in the soil is pasted on a pillar of an abandoned building that was to be part of an amusement park called 'Wonderland'.

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Image: A sign warning people about potential poisons in the soil.
Photographs: David Gray/Reuters.
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An abandoned building is seen through an entrance leading into what would have been an amusement park called 'Wonderland', on the outskirts of Beijing

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Image: Abandoned building in Wonderland.

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The steel frame of an abandoned building stands in what would have been an amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: David Gray/Reuters.

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China's doom story: The signs of a downfall

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A view of an entrance to an abandoned building which leads into a derelict amusement park called 'Wonderland', on the outskirts of Beijing.

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Image: Wonderland.

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Farmers dismantle a tower in a field that includes abandoned buildings that were to be part of an amusement park called 'Wonderland', on the outskirts of Beijing.


Image: Farmers dismantle a tower in a field.
Photographs: David Gray/Reuters.
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