Source: Jakarta Globe:
Sanya, China. It was billed as China’s Dubai: a cluster of sail-shaped skyscrapers on a man made island surrounded by tropical sea, the epitome of an unprecedented property boom that transformed skylines across the country.
But prices on Phoenix Island, off the palm-tree lined streets of the resort city of Sanya, have plummeted in recent months, exposing the hidden fragilities of China’s growing but sometimes unbalanced economy.
A “seven star” hotel is under construction on the wave-lapped oval, which the provincial tourism authority proclaims as a “fierce competitor” for the title of “eighth wonder of the modern world.”