China’s ambitious real estate projects have led to numerous abandoned developments, including the State Guest Mansions in Shenyang, now deserted and overrun by cattle. Originally intended as luxury homes, these and other projects stalled due to economic challenges, changing demographics, and governmental crackdowns on borrowing. The crisis exemplifies the broader issue facing China’s real estate sector, highlighted by the bankruptcy of China Evergrande Group and the default of Greenland Group on international bonds, impacting the economy and diminishing public confidence in the real estate market.

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