China tries — and fails — to build its own Manhattan

Much-trumpeted project has not attracted tenants; "throwing money in the water"

TRD New York /
Jun.June 29, 2014 05:00 PM

 Canada already got its own Upper West Side, and now China is wrapping up a replica Manhattan. One problem: it’s a ghost town. 

The skyscraper-filled Yujiapu section of the northern port city of Tianjin, which is modeled on Manhattan, has failed to attract tenants, after nearly four years of building.

“Investing here won’t be better than throwing money into the water,” Chinese investor Zhang Zhihe told Bloomberg News. “There will be no way out — it will be very difficult to find the next buyer.”

The project isn’t scheduled for completion until 2019, but when it is it will boast a new 3.86 million-square-meter financial center. The project is expected to cost RMB 200 billion, or roughly $32 billion.

But despite its troubles, construction isn’t slowing.

“Yujiapu is too iconic and too well-known in association for Tianjin for the government not to do their best to make it successful,” Michael Hart, managing director at Jones Lang LaSalle in Tianjin, said.

He added that the government will likely fill the vacant space with state-owned enterprises. [Bloomberg News]Christopher Cameron


Related Articles

arrow_forward_ios

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal

General contractors are suffering under Trump’s new tariffs on Chinese goods

In London, WeWork already reaping rewards of planned Brexit: Global property

What China’s warning to students studying in the US means for real estate

How long can Hong Kong’s family real estate dynasties last?

Some in the industry say the situation with China has been up in the air for some time now (Credit: iStock)

U.S.-China trade war escalation leaves real estate in the dark

88 Pine Street wrapped in barbed wire (Credit: Google Maps)

Human rights watchdog has FiDi lease denied… by the Chinese government?

501 Third Avenue and China Overseas Land & Investment CEO Yan Jianguo (Credit: Google Maps and Getty Images)

China Overseas looking to build 31-story tower in Murray Hill

arrow_forward_ios