Razed Part 1

Razed Part 1
Originally uploaded by triciawang.

Sanlitun Nan Lu; Beijing, China

This razed part of the street is one of the most common scenes in Beijing. Old apartments are being ripped down to build new high rise apts or luxury hotels. See how there is only 1 standing aprt left? The roof has already been torn off. You can see the left over rubbles of the torn down apts all over the ground. In the background there are several new building being built.

The government used to give people a new apt if they tore yours down, but now they only give you enough cash for a downpayment on a new apt. Even with the cash exchange, most people can't afford to buy an apt in the new building that is being built over their original land - so they are forced to go to the outskirts of Beijing, while the rich can buy apts in they city. So the problem is that you are forced to spend more money! Hey this sounds a lot like NYC right? Giving money instead of a new apt started a few years ago. I guess it wasn't profitable for the gvt to give away exchange your old hu tong or apt for a new one. So in effect tearing down old living quarters is driving the lending, real estate, construction and debt economy.