July 01, 2009
Kashgar's Wrecking Ball
Kashgar in far western Xinjiang Autonomous Region may well become the most important logistics hub in western China someday. Work is already underway to at some point in the medium to long term connect the city with the Gwadar port in Pakistan. It is a city of the future and an important area to watch as China acts out its version of 19th Century America's 'manifest destiny'.
As they say in China you have to tear down the old to build the new often with good results all 'round. But sometimes the very essence of a place is lost in the process. This writer was saddened by the crass demolition and rebuild of the ancient shopping area south of Qian Men gate in Beijing. An interesting, if dilapidated, collection of buildings and narrow alleys was replaced with a garish Hong Kong meets Hollywood fakery that destroyed all its original charm.
Kashgar is busy redeveloping its old city - a huge tangle of old buildings and alleys built around extended family homes connected to shops and businesses organized around central courtyards, an urban form as old as Eurasia itself - into modern highrise blocks with plumbing and electricity for all. Beijing wants no repeat of last year's Sichuan earthquake catastrophe with its collapsed buildings and massive fatalities. An added feature -- whereas before you had to meander a block to find a certain shop, the new developments will feature streetside shops and markets....
As they say in China you have to tear down the old to build the new often with good results all 'round. But sometimes the very essence of a place is lost in the process. This writer was saddened by the crass demolition and rebuild of the ancient shopping area south of Qian Men gate in Beijing. An interesting, if dilapidated, collection of buildings and narrow alleys was replaced with a garish Hong Kong meets Hollywood fakery that destroyed all its original charm.
Kashgar is busy redeveloping its old city - a huge tangle of old buildings and alleys built around extended family homes connected to shops and businesses organized around central courtyards, an urban form as old as Eurasia itself - into modern highrise blocks with plumbing and electricity for all. Beijing wants no repeat of last year's Sichuan earthquake catastrophe with its collapsed buildings and massive fatalities. An added feature -- whereas before you had to meander a block to find a certain shop, the new developments will feature streetside shops and markets....
Labels: china property, earthquake
May 22, 2008
Sichuan Earthquake Economic Toll at 0.5% GDP
Damage from the Sichuan earthquake is estimated at close to $10 billion (US) and shares of companies in the region effected by the quakes fell on Chinese stockmarkets and caused a broader decline in Chinese stocks. The Shanghai Composite Index is back down below 3,500 and the CSI 300 Index also plunged this week on the bad news about the impact of the massive earthquake just ten days ago.
Beijing now says over 50,000 people perished in the disaster and expect the death toll to continue to climb. Almost 5 million are reported homeless.
Over 14,000 industrial enterprises are impacted with severe destruction at some big companies such as Dongfang Electric - an important manufacturer of electric engines and motors. Downstream businesses will be faced with supply and price pressures. Asia's biggest oil refiner Sinopec is diverting product to the region and that could mean shortages and price increases in southern and coastal China.
Short term positive trend will be in rebuilding and speculators briefly drove up share prices for Chinese companies in cement, steel, and construction services.
And 184 historic and tourist sites were damaged and in some cases destroyed by the earthquake and may take years to rebuild, if at all, in a region where tourism was just beginning to be developed.
Labels: china, damage, earthquake, economic impact, economy, sichuan
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