Yes, you are right. Any logical project development would do this phase by phase. Can you imagine all the 10 towers (I guess) start work? Imagine the road congestion by construction trucks, the shortage of materials, the shortage of workers, etc etc. And all had to be completed by 3 years from today?
Here's an interesting article. Hopefully it does not affect Country Garden Malaysia.
Aug 21 (Reuters) - China's banks have reduced lending to property projects in smaller Chinese cities due to concerns about an excess supply of homes in those areas, the chief economist at a state think-tank said on Wednesday.
Fan Jianping of the State Information Centre said third- and fourth-tier Chinese cities are sitting on a large inventory of unsold commercial homes following big land sales by local authorities in recent years.
Small Chinese cities have been cited by analysts as focal points for the country's property risks because their oversupply of homes is exacerbated by falling demand, as residents migrate to large towns in search of a better living.
"For many banks, when they hear that a developer wants new loans, their first concern is which city it is in," Fan told reporters.
"If they hear that you are in a third- or fourth-tier city, even if you are Country Garden, China Vanke , Wanda Group or other big firms, banks are still very cautious and will be reluctant to give you the money," he said.
When asked if China's government would intervene to raise demand for homes in small cities, Fan said authorities are loath to do so even though the glut of unsold houses have created "ghost towns" that have few residents.
There's no data on how many "ghost towns" exist, but several have gotten media and public attention, particularly Erdos in Inner Mongolia.
The Chinese government has intervened heavily in the country's frothy real estate market for nearly four years in an attempt to cool prices. It has restricted the number of homes families can buy and tightened funding for developers.
then buy for what?
