A glimpse into China's most famed "ghost cities"China has laid out an ambitious plan to transform 250 million people from the countryside into city dwellers in the next 20 years. Its push for urbanization has encouraged local governments and developers to build skyscrapers and residential complexes, many under the belief of “build it and they will come”. However, the construction spree has left soaring debt, creating insolvency risks for local governments and inflating the country's real estate bubble. By China’s official account, China’s local governments owed $ 1.8 trillion of debt by the end of June 2013, about a third of China’s GDP. A CLSA report says China is "addicted to debt".