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Luxury cars sold for a song after bubble bursts in China Dubai.
Two men walk in a deserted street before the Ordos Museum opened May 11, 2011 following a boom of coal, Ordos was built to accommodate up to 1 million people, but only 30,000 live there today.
BEIJING - With miles of paved roads, freshly little traffic and an avant-garde architecture seriously, the Chinese city of Ordos offers a driving environment most car enthusiasts can only dream.
Yet wealthy Chinese who have invested in the resource-rich city are now frantically rushing to sell their new luxury toys to stem excessive bleeding which came with a sharp drop in coal prices.
As the boom turned to bust, some luxury car owners are said to ask as little as 10 percent of the typical asking price.
Ordos, which arose from the deserts of Inner Mongolia, is in a massive coal reserve It provides about 17 percent of China's needs.
When coal was discovered there in the early 1990s, farmers collected, sell their land to skyrocketing prices mining companies to private coal.
The boom has sent hundreds of thousands of migrant workers flock to Ordos.
However, the bursting of the bubble coal prices in July fell for 11 straight weeks, leading to rampant layoffs and little or no cost to local coal companies.
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One report suggested that 300,000 migrant workers who traveled to Ordos to live and work since had left.
Now that the economy is bad, many migrants left, Li Rui lamented, a taxi driver in Ordos It's always busy downtown, but it is nothing like Beijing.
But anxious to sell these gaping figures are not those who speak Chinese Internet breathlessly about.
Fueled by a recent report in the Economic Observer of the Internet exploded with rumors that some car owners in Ordos were liquidating their assets for up to 90 percent off the rate.
On a popular base for car sales site Ordos, a seller listed a Porsche Cayman 2009 79032 Another owner listed a Hummer to 80600 with advocacy, eager to sell in Beijing, a Cayman similar model would generally sell for 110000, Hummer to 121000.
Zhou Hai, the manager of a dealership called Ordos based Haohai Used Car Company, told NBC News that while prices have fallen, not to the extent where people had claimed.
The Internet said that my prices are 90 percent off, but in fact it is only 50 percent, he said.
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Zhou noted that he used the 2010 Range Rover for sale 160 000, compared to the average price of 207.000 in other parts of China.
Imported cars in China are generally taxed widely, sometimes raising the retail prices up to three times the usual price U S.
nail house holds up traffic that owners are fighting local government.
Ordos Dubai was supposed to be in China, but the city built for 1 million people today only has 30 000 inhabitants.
China through Investors snapped up property often with no intention of moving or rent in distant places like Ordos as a safe place to keep and grow their money.
The Chinese stock market is too unpredictable, bank interest rates in China are too weak and the strict limits imposed by the government on how money can invest their Chinese have encouraged many people to put their money into the immovable.
ghost towns This has contributed to what many experts believe to be a serious real estate bubble and the rise of a growing number of what have become known in China as ghost towns.
Speaking to NBC News earlier this year Gillem Tulloch, CEO of research firm Forensic Asia described the confluence of these economic events for ghost towns as Ordos as the empty roads, empty buildings, neighborhoods empty cities - throughout China.
Meamwhile a report of Ordos Municipal Government noted that at the end of April only 40 percent of the Ordos 324 residential building projects were still under the 49 new projects, only seven were said to still be in progress.
According to Zhang Xiaofei Ruili Property in Ordos, 20 percent more people each month trying to sell their homes in the city, and the prices are as low as 320 per square meter, compared with the average commuter price of 800 per square meter .
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