29 Aug '11, 9am

Ordos millionaires fuelling property boom in Inner Mongolia

Ordos millionaires fuelling property boom in Inner Mongolia

ORDOS, Inner Mongolia: Ordos in Inner Mongolia is one of the richest cities in China with per capita GDP of US$15,000. The city is home to some of China's wealthiest people, thanks to an abundance of natural resources. It is said there are no poor people in Ordos. In fact, it might be difficult to find a local with assets of less than a few million US dollars. Many of the millionaires are farmers who've grown rich overnight, after coal was found beneath their homes. They received huge sums of compensation for resettlement. Yang Zhi Zhong, a local spa owner, said: "I relocated after my home was demolished. I used to live in an old house in Dong Sheng District. The government offered me compensation for relocation, and I bought a new house with it. "That run-down house was not even worth a few hundred yuan per square metre, but the government offered us around 8,000 yuan (US...

Full article: http://www.channelnewsasia.com/stories/eastasia/view/1149...

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