And Now Presenting: Amazing Satellite Images Of The Ghost Cities Of China

By Chandni Rathod and Gus Lubin

The hottest market in the hottest economy in the world is Chinese real estate. The big question is how vulnerable is this market to a crash.

One red flag is the vast number of vacant homes spread through China, by some estimates up to 64 million vacant homes.

We've tracked down satellite photos of these unnerving places, based on a report from Forensic Asia Limited. They call it a clear sign of a bubble: "There’s city after city full of empty streets and vast government buildings, some in the most inhospitable locations. It is the modern equivalent of building pyramids. With 20 new cities being built every year, we hope to be able to expand our list going forward."

Here's China's most famous ghost city: Ordos

There are no cars in the city, except for a few dozen parked at the glamorous government center

Ordos even has an avant-garde art museum -- totally empty

Ordos Museum Street View

Image: Panoramio

Here's China's biggest ghost city: Zhengzhou New District

This $19 billion development is packed with blocks of empty houses

Like Ordos, Zhengzhou New District has glamorous public buildings

Image: Google Maps

Zhengzhou New District residential towers -- EMPTY

Empty roads in Zhengzhou.

Image: Panoramio

Here's a rendering of Zhengdong New District Wetland Park (people added with Photoshop)

Image: Panoramio

This city was built in the middle of a desert: Erenhot, Xilin Gol, Inner Mongolia

Half of Erenhot is empty. The other half is unfinished

Is that a hotel in Erenhot?

Image: Google Maps

See that orange area to the north-east of the Xinyang?

It's a giant new development, which doesn't even have a name yet.

No cars in the city except for approximately 100 clustered around the government headquarters

The ghost city of Dantu has been mostly empty for over a decade

In most neighborhoods of Dantu, there are no cars, no signs of life

Image: Google Maps

The mostly empty city of Bayannao’er, which boasts a beautiful town hall and World Bank-sponsored water reclamation building

Now here's Kangbashi, a new city with capacity for 300,000 -- that houses 30,000

Finally, here's a giant new campus for Yunnan University, which was built to accommodate 2.3 million students. It has 11,000 enrolled.

One of many shocking aspects of the biggest growth spurt ever

@businessinsider