Here’s a story from [email protected] about whether or not there’s a bubble in Beijing.Feel free to read the whole thing.
Here’s the part that popped out at us:
With a dynamic economy such as China’s, it should come as no surprise that they too would want a piece of the iconic Times Square action in their own backyard. Bill Hunt, a consultant for this project in Beijing, shares some insights:
“The developer has 600,000 metres of property at the far west edge of Beijing. The government in its five-year plan listed culture as one of the pillars of the plan. And so the developer was looking to do something that hasn’t been done anywhere else in the world: to create over a very short period of time, a Times Square with 32 Broadway theatres and an entire cultural district that would include several thousand residential units. It would have several hotels and of course a whole commercial retail segment that would go with that.”
Remind us to add this little nugget when we update our feature on why Chinese real estate is the most obvious bubble ever >
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