World

Inside a Chinese 'ghost city'

Updated 1421 GMT (2221 HKT) January 21, 2015
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China's government spent billions developing Yujiapu, a financial district in the northern city of Tianjin. It was supposed to look like Manhattan but is now half-built and largely empty. CNN takes a look. Steven Jiang/CNN
It's one of a number of Chinese "ghost cities," where overbuilding amid cooling demand is posing a big risk for the world's second-largest economy. Steven Jiang/CNN
China's economy missed the government's official growth target last year, an exceedingly rare event.
Steven Jiang/CNN
Gross domestic product was 7.4% in 2014, the lowest growth rate in 24 years. Will Ripley/CNN
Construction began in Yujiapu in 2009 and many of the buildings were modeled after New York's most famous skyscrapers. Will Ripley/CNN
The Chinese government denies reports this project has run out of money but an empty financial district is an alarming sign for the world's second largest economy. Steven Jiang/CNN
There were few signs of construction visible this week. Even buildings that look finished stand empty. Will Ripley, CNN
China's boom has been fueled by real estate and "ghost cities" like Yujiapu are often the result of wasteful construction -- too many buildings -- and not enough tenants. Will Ripley/CNN