China's doom story: The signs of a downfall

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.

Click NEXT to see China's wonderland in doom...

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

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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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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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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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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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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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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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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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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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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.