Shui On/Yunnan Projects

Location: Yunnan Province, China
Developer: Shui On Land

China's real estate boom has been on the skids for months. Last fall, after one large Chinese developer was forced to lower prices drastically to move homes, its office was stormed by furious homeowners who had recently bought into the same development. With China's home sales down 20% in 2008, the country's many cranes have fallen dormant. Accordingly, developer Shui On Land has pushed back plans to build four resorts in Yunnan province at a cost of nearly $11 billion. "It's just not realistic to expect us to obtain sufficient finances," said Vincent Lo, the billionaire chairman of the Shanghai-based developer.