Wow, I don't get out enough. I always thought NYC was the world capital of skyscraping residential buildings and office towers. Wrong. Apparently that title is now firmly held by Shanghai, China. According to an article in the NYT China is in a building frenzy
This year alone, Shanghai will complete towers with more space for living and working than there is in all the office buildings in New York City.
That is in a city that already has 4,000 skyscrapers, almost double the number in New York. And there are designs to build 1,000 more by the end of this decade.
This may just a suggestion of what is ahead. China expects 75 million more farmers to move to cities over the next five years, amounting to one of the biggest mass migrations in history, according to CLSA, a brokerage house specializing in the Asia-Pacific region.
It is not surprising that in a country where 170 metropolitan areas have more than a million people, according to government figures, everyone seems to want to be a developer. State-owned oil and steel giants, automobile companies, shipbuilders and even Communist Party newspapers are creating real estate subsidiaries.