Chinese economy hampered by sink hole investments

Business Insider:

The Chinese Economy Is Facing A $6.8 Trillion Nightmare That Could Get Worse


...
For sure, $6.8 trillion is a difficult figure to imagine. That's two years of output for the entire German economy. It's more than four times as much as is invested in S&P 500 index funds.

Even in the enormous Chinese economy, that's practically half of the investment between 2009 and 2013, the period covered by the investigation. This is likely to have pretty grim effects on Chinese economic growth in the years ahead.
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Some of the money was invested in "ghost cities" filled with big empty buildings.  It suggest that Chinese financing does not rely on feasibility studies.  It si like the Field of Dreams  approach to urban planning.

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