China is home to an eerie ghost town with over 100 empty mansions. The massive complex known as the State Guest Mansions project was meant to be a lavish neighbourhood housing 260 European-style villas. However, today, it lies abandoned, taken over by farmers, and with animals roaming around.

The buildings located in Shenyang City, 400 miles North-east east of China's capital Beijing were first constructed in 2010, but just a couple of years later, in 2012, the construction work came to a halt. The project came as a result of it being started during a property spike which caused many property developers to take on debt to build homes to fulfil the demand.

Greenland Group, the company behind the project, invested a huge £176 million into the work, reports The Wall Street Journal. 

However, the real estate developers are among the many who have defaulted on their debts in recent years after Beijing attempted to tackle the housing crisis by setting strict debt targets for developers.

In 2023, Greeland Group defaulted on £307 million worth of international bonds. The developer also failed to give a reason for the unexpected end of the construction work.

Only 5% of the homes were sold before work across the site had come to an end. Inside what were meant to be luxurious buildings are the remains of elaborate furnishings and decorations, including chandeliers and framed paintings, that sit collecting dust. 

The complex was also meant to house a golf course, a convention centre and a hotel.

While this failed State Guest Mansion project story might seem rare, it is a quite common tale across China. In 2023, it was reported that the huge country is home to between 60 and 90 million vacant properties, with around 48 million incomplete homes that have already been sold to buyers who haven't received them.

Today, China faces a property crisis sparked by government regulations to restrain developer borrowing. However, along with the decline in demand, a high number of unfinished housing projects, homeowners defaulting on mortgages, and low consumer confidence, the situation continues to regress.