China has at least 65 million empty homes — enough to house the population of France. It offers a glimpse into the country's massive housing-market problem.

If you drive an hour or two outside Shanghai or Beijing, you'll find something odd. The cities are still tall, and they're still modern. They're also, generally, in good condition. But unlike their bustling, Tier 1-city counterparts, they're basically empty. These are China's ghost cities.
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