Purple Palace Abandoned Reveals China Shadow Banking Gone Awry

Purple Palace Abandoned Reveals China Shadow Banking Gone Awry

Nelson Ching/Bloomberg

Sculptures of horses stand in Genghis Khan Square in the new district of Kangbashi in Ordos, Inner Mongolia, China. Designed for 300,000 people, Kangbashi, the new urban center of Ordos prefecture, may have only 28,000 residents, Bank of America-Merrill Lynch said last year.