Gallery: Nova Cidade de Kilamba is a Huge Candy-Colored Chinese-Built G...

 
Nova Cidade de Kilamba, Angola’s newly-completed massive ghost town, is the odd mixture of oil speculation, cheap money, and a seriously missed target for housing needs. The state-owned China International Trust and Investment Corporation (CITIC) sank $3.5 billion dollars into a candy-colored city of identical midrise apartments with enough housing units for 500,000 inhabitants. The problem is, few locals can afford one, and the monolithic development feels more like a prison camp than community.

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  1. BlueOak July 24, 2012 at 5:30 pm

    Wow! $3.5 billion down the drain – and a great demonstration of why government/central planning (communist or otherwise) virtually never works – at least absent private (privately risked) investment.

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