'Ghost towns': Evergrande crisis shines a light on China's millions of empty homes
CNN
Evergrande's troubles are part of a much bigger problem. Here's a look at how it first originated.
For weeks, the ailing Chinese real estate conglomerate has made headlines as investors wait to see what will happen to its enormous mountain of debt. As the slow-moving crisis unfolds, analysts are pointing to a deeper underlying issue: China's property market is cooling off after years of oversupply.
The warning signs have been flashing for some time. Prior to Evergrande's meltdown, tens of millions of apartments were thought to be sitting empty across the country. In recent years, the problem has only gotten worse.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.