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Shenyang City, China— A sprawling collection of over 100 abandoned mansions sits eerily silent about 400 miles northeast of Beijing. This ghost town within a city stands as a stark reminder of China’s volatile property market.
Construction began in 2010 during a boom period. The developer, Greenland Group, envisioned a luxurious complex complete with a golf course, convention center, and hotel.
However, just a few years later, construction abruptly stopped. The project, dubbed “State Guest Mansions,” became another casualty of the bust.
Today, farmers have moved onto the deserted property, using the grounds to corral livestock. Inside the opulent, unfinished mansions, remnants of a lavish lifestyle remain: chandeliers, paintings, and furniture gather dust.
Greenland Group poured an estimated $222 million into the project, but only managed to sell about 5% of the homes. The company is now among many Chinese developers struggling with massive debt.
The State Guest Mansions project highlights a larger national problem. Across China, approximately 20 million pre-sold homes remain unfinished.
Inside some of the Shenyang mansions, dusty books and children’s stickers offer glimpses of families who were anticipating a new life, a life now on indefinite hold.
Beijing has attempted to stabilize the market by implementing stricter rules for developers, but these measures have led to further defaults. In July, Greenland Group defaulted on over $400 million in international bonds.