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52-427: The district is internationally known for its opulent civic square and monuments and in 2009, made global headlines for having a population of around 30,000 people, which was considered small relative to the grandeur of the built-up space, and was deemed as a " ghost city ". However the district's population has grown since in the years afterwards, and had reportedly reached a size of almost 120,000 people in 2021. Within

104-664: A buyer, Forbes suspended publication of these two magazines as of May 17, 2007. Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008. Forbes has published the Forbes Travel Guide since 2009. In 2013, Forbes licensed its brand to Ashford University , and assisted with the launch of the Forbes School of Business & Technology . CEO Mike Federle justified

156-599: A deal valuing the company at $ 800   million. His majority ownership was to include the remaining portion of the company owned by the Forbes family which was not previously sold to Integrated Whale Media. The transaction attracted scrutiny by the Committee on Foreign Investment in the United States . Russell denied reports that Russian businessman Magomed Musaev was involved in the transaction. In November 2023,

208-558: A financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street , founded Forbes magazine on September 15, 1917. Forbes provided the money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings . Drey became vice-president of the B.C. Forbes Publishing Company, while B.C. Forbes became editor-in-chief,

260-435: A ghost town. This narrative quickly spread through international media, fueling Western skepticism about China’s economic growth and prompting critics to question the country’s GDP figures, suggesting its rapid development was exaggerated or unsustainable. However, as noted by author Wade Shepard in Forbes, these early reports failed to consider that Kangbashi was just five years old when Chan visited. Wade argued that building

312-459: A large urban district and achieving partial occupancy in half a decade should be viewed as a significant accomplishment, particularly when compared to infrastructure projects in Western cities, which can take decades to complete. Despite this, Kangbashi’s rapid growth was dismissed as an overreach rather than appreciated for its scope and pace. From the beginning, Shepard argued, the ghost city label

364-476: A part. A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $ 300 million, setting the value of the enterprise at $ 750 million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now." It was later revealed that the price had been US$ 264 million. In 2021, Forbes Media reported a return to profit, with revenue increasing by 34 percent to $ 165 million. Much of

416-551: A post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Forbes (1919–1990). Bruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing. During his tenure, from 1954 to 1964, the magazine's circulation nearly doubled. On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief of Forbes magazine. Between 1961 and 1999

468-407: A wide network of freelancers ("contributors") writes and publishes articles directly on the website. Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$ 100,000, according to the company. The contributor system has been criticized for enabling "pay-to-play journalism" and

520-402: Is a strong popular belief that real estate is the best way for preserving and generating wealth, leading to great demand for buying property; something the government encourages. The Economist reported that in some areas demand for property greatly outstripped supply, typically in cites. However, at the same time in poorer rural areas few people were buying properties, and in those areas there

572-605: Is based in Jersey City, New Jersey . Competitors in the national business magazine category include Fortune and Bloomberg Businessweek . Published eight times a year, Forbes features articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law. It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine

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624-717: Is gradually picking up with the help of the local government which has relocated its administrative center and high quality high schools here. A documentary has been produced by outside filmmakers which documents the facilities of the city and its gradual growth. Characterized as a ghost town , Kangbashi was made world-famous by a news report in November 2009 from Al Jazeera , later picked up and expanded through an April 2010 article in Time magazine, for having few residents but massive amounts of empty residential housing and high-tech public works projects. Subsequent reports have supported

676-587: Is known for its lists and rankings, including of the richest Americans (the Forbes 400 ), lists of 30 notable young people under the age of 30 ( Forbes 30 Under 30 ), America's Wealthiest Celebrities, the world's top companies (the Forbes Global 2000 ), Forbes list of the World's Most Powerful People , and The World's Billionaires . The motto of Forbes magazine is "Change the World". B. C. Forbes ,

728-538: Is now rapidly addressing this issue. Woodworth explained that in 1978, only 18% of China's population lived in urban areas; by 2020, this percentage had increased to 64%. Woodworth indicated that the Chinese government aims to sustain the momentum of urban migration. With strict limits on new arrivals in Beijing and Shanghai, the development of new population centers has become increasingly vital. To enhance urban vitality,

780-540: The Asia Society , wrote in The Washington Post that "Since that purchase, there have been several instances of editorial meddling on stories involving China that raise questions about Forbes magazine's commitment to editorial independence." On August 26, 2021, Forbes announced plans to go public via a merger with a special-purpose acquisition company called Magnum Opus Acquisition, and to trade on

832-570: The Golden Resources Mall and South China Mall . While many developments failed to live up to initial lofty promises, most of them eventually became occupied when given enough time. Reporting in 2018, Shepard noted that "Today, China’s so-called ghost cities that were so prevalently showcased in 2013 and 2014 are no longer global intrigues. They have filled up to the point of being functioning, normal cities". Writing in 2023, academic and former UK diplomat Kerry Brown described

884-766: The Wulan Mulun River . Kangbashi District's predecessor was Qingchunshan Development Zone, an autonomous region level development zone , approved to be established in December 2000. In 2003, the Inner Mongolia Autonomous Region agreed to transfer the administrative area of Qingchunshan Development Zone from Yiqi to Dongsheng District ; in June of the same year, the fourth session of the People's Congress of Ordos City considered and passed

936-568: The "ghost city" term for focusing too much on the short term results, or "calling the game at halftime". A common assumption by foreign media is that local officials are strictly incentivized to start construction on this newly created urban land to boost GDP growth and look good within the Party. However, Shepard points out that many places which started becoming ghost cities were under the jurisdiction of an area with already strong GDP growth. He argues that these developments are seen as an investment for

988-647: The 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India , bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman , a quarterly magazine published by Steve Forbes's daughter, Moira Forbes , with a companion Web site. The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007. The company also formerly published American Heritage and Invention & Technology magazines. After failing to find

1040-704: The New York Stock Exchange as FRBS. In February 2022, it was announced that Cryptocurrency exchange Binance would acquire a $ 200 million stake in Forbes as a result of the SPAC flotation. In June 2022, the company terminated its SPAC merger citing unfavorable market conditions. In August 2022, the company announced that it was exploring a sale of its business. In May 2023, it was announced that billionaire Austin Russell , founder of Luminar Technologies , agreed to acquire an 82   percent stake in

1092-520: The Ordos prefecture, the district is located southwest of Dongsheng , the prior urban center of Ordos, and north of Ejin Horo Banner . Together with Dongsheng District and Ejin Horo Banner, it forms the city's urban core and is also the political and cultural center of Ordos City. Adjacent to the south is Altan Xire , the highly urbanized county seat of Ejin Horo Banner, separated from the district by

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1144-557: The app. David Churbuck founded Forbes ' s web site in 1996. The site uncovered Stephen Glass 's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism . At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging

1196-578: The buyer's offspring to live in when they get married. In 2015, photographer Kai Caemmerer observed the unique approach to urban development in China, where cities are first being constructed to a near-complete state before residents are mass introduced, in contrast to the incremental growth typically seen in U.S. cities. In a 2021 Bloomberg article, Max Woodworth, an associate professor of geography at Ohio State University , noted that China had experienced significant under-urbanization for many years and

1248-437: The city back then was only five years old, and had around 30,000 people, and that it really should have "impressed the world" for having an entirely new city and partially populating it in just five years' time. Shepard also pointed out that by the end of 2015, housing prices have risen by approximately 50% on average and that in 2017, the population has grown to 153,000 people, and there were around 4,750 businesses in operation in

1300-681: The city, as well as having just 500 apartments still left on the market, out of the 40,000 apartments that had been built since 2004. Under-occupied developments in China Under-occupied developments in China are mostly-unoccupied newly-built property developments in China , and frequently referred to as "ghost cities" or ghost towns . The phenomenon was claimed and recorded as early as 2009 by Al Jazeera 's Melissa Chan , as well as being researched and disputed by writer Wade Shepard, and subsequently reported by news media over

1352-450: The claims that Kangbashi housed around 20,000 to 30,000 people as of 2010. In 2014, the vacancy rate of new homes was 70%. Writing in Forbes in 2017, Wade Shepard had questioned the justification for the label of "ghost city" and argued that it was being judged too quickly, as it was too soon to be speculating whether a new city will end up being largely uninhabited in the long run. Shepard noted that when Al Jazeera had visited Kangbashi,

1404-631: The company published 100 articles each day produced by 3,000 outside contributors who were paid little or nothing. This business model, in place since 2010, "changed their reputation from being a respectable business publication to a content farm", according to Damon Kiesow, the Knight Chair in digital editing and producing at the University of Missouri School of Journalism. Similarly, Harvard University's Nieman Lab deemed Forbes "a platform for scams, grift, and bad journalism" as of 2022. In 2017

1456-602: The creation of a new 1 million person city district. Located on a 355-square-kilometre (137 sq mi) site 25 kilometres (16 mi) from the existing city of Dongsheng , the new city is located next to three existing reservoirs on the site of two former villages. By 2010, the current city on a site of 35 square kilometres (14 sq mi) had capacity for at least 300,000 people, created with an estimated investment of around 1.1 trillion yuan ($ 161 billion). In 2021, Nikkei Asia reported that after Ordos No. 1 High School and other locally prestigious schools had relocated to

1508-494: The deal collapsed, as Russell was unable to put together the necessary funds. Apart from Forbes and its lifestyle supplement, Forbes Life , the magazine has 42 international editions covering 69 countries: Chairman / Editor-in-chief Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio . Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From

1560-841: The decades. Although a feature of discourse on the Chinese economy and urbanization in China in the 2010s, many developments that were initially criticized as "ghost cities" in China have since become occupied and are now functioning cities. Media outlets often label under-occupied development areas in China as "ghost cities" or "ghost towns". However, the two terms are technically misnomers since these terms describe places that previously had economic activity but have since become defunct and abandoned, while many under-occupied developments in China are new installations that have yet to receive residential occupation. Additionally, some reported cases of "ghost cities" are not in and of themselves administrative entities but instead districts built in

1612-425: The discrepancy between the news reports and actual situation. He noted, "Many of these new cities are not expected to be complete or vibrant until 15-20 years after they begin construction." Many developments initially criticized as ghost cities did materialize into economically vibrant areas when given enough time to develop, such as Pudong , Zhujiang New Town , Zhengdong New Area , Tianducheng and malls such as

Kangbashi District - Misplaced Pages Continue

1664-400: The district, property prices in the area increased significantly. Kangbashi District is made up of 4 subdistricts . Other: Ordos City High tech Industrial Park (鄂尔多斯市高新技术产业园区) There is a campus of Beijing Normal University and a municipal library. A five-story shopping mall offers a food court and other shopping. A large "fountain show" provides evening entertainment. Economic activity

1716-406: The entire media premise of Toyota's cars gone bad. The website (like the magazine) publishes lists focusing on billionaires and their possessions, especially real estate. Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics . Together these sites reach more than 27 million unique visitors each month. Forbes.com employs

1768-488: The establishment of county-level Kangbashi District, which is the same administrative division as the original Kangbashi New District. With an expanding district due to economic exploitation of the local natural resources, but dwindling water supplies due to the continual expansion of the Ordos Desert , Ordos officials were faced with a local infrastructure planning problem. Hence in 2003, Ordos city officials launched

1820-477: The future and promote development with timescales of over 20 years. Ordos Kangbashi is often seen as one of the first and most prominent examples of the international Chinese ghost city phenomenon and fascination. Some journalists have pointed to the Ordos Kangbashi ghost city stories as an example of media hastily and often misinformed reporting of developments in China. Such reporting may not convey

1872-451: The government often facilitates the relocation of government offices and state-owned enterprises to these cities, followed by the establishment of public buildings, schools, and high-speed rail stations, which subsequently attract private investment. In 2021, Business Insider , reported that in 2020 China had about 65 million empty homes. In the article, academic Xin Sun said in China there

1924-408: The idea of Chinese ghost cities as a bandwagon popular in the 2010s which was shown to be a myth. Forbes Forbes ( / f ɔːr b z / ) is an American business magazine founded by B. C. Forbes in 1917 and owned by Hong Kong –based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes , and its CEO is Mike Federle . It

1976-549: The licensing in 2018, stating that "Our licensing business is almost a pure- profit business , because it's an annual annuity ." Forbes would launch limited promotions for the school in limited issues. Forbes has never formally endorsed the school. On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within

2028-475: The magazine was edited by James Michaels . In 1993, under Michaels, Forbes was a finalist for the National Magazine Award . In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now

2080-484: The new area as a whole. After the preliminary work of planning, demonstration and approval, the construction of the new district officially started and was mainly carried out in three stages: from 2004 to 2007, the infrastructure construction stage; from 2007 to 2011, the above-ground project construction stage; from 2011 to 2015, the project construction perfection stage. In 2016, the State Council agreed to approve

2132-623: The owner, and can not be bought and sold as an investment. The developer is only permitted to sell "economically affordable housing" at 5% over the cost of construction. By contrast, "commodity housing" can be bought and sold as an investment. Because housing is a physical object, and China's large population guarantees an ongoing demand for housing, commodity housing is considered a more secure way to store money. Except in some Tier 3 and Tier 4 cities , which have different government regulations, "commodity housing" generally sells as an investment. In addition, these homes typically serve as future homes for

Kangbashi District - Misplaced Pages Continue

2184-447: The perspectives of local officials and experts, and may seek to attract readers unfamiliar with China’s development model and bemused at China's perceived backwardness. As of 2015, it was reported that Ordos Kangbashi has a population of 100,000 people, 80 percent of which are full time residents, with the remainder commuting daily from nearby Dongsheng for work. Circa 2016, Chicago-based photographer Kai Caemmerer investigated and noted

2236-454: The publisher's 2012 earnings before interest, taxes, depreciation, and amortization was US$ 15 million. Forbes reportedly sought a price of US$ 400 million. In July 2014, the Forbes family bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company. In 2017, Isaac Stone Fish, a senior fellow of

2288-433: The repackaging of public relations material as news. Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue. In July 2018 Forbes deleted an article by a contributor who argued that libraries should be closed, and Amazon should open bookstores in their place. As of 2019

2340-519: The resolution of relocating the municipal government to Qingchunshan Development Zone; in May 2004, the municipal people's government approved the detailed control plan and renamed it as Kangbashi New District . In 2006, the urban planning of the new area was approved by the regional government as an important part of the overall urban planning of Ordos, and in July of the same year, the city government moved to

2392-470: The revenue growth was attributed to Forbes’ consumer business, which was up 83 percent year-over-year. CEO Mike Federle says that Forbes is built on an audience and business scale with 150 million consumers. In January 2010, Forbes reached an agreement to sell its headquarters building on Fifth Avenue in Manhattan to New York University ; terms of the deal were not publicly reported, but Forbes

2444-413: The slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site. The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $ 70 million to $ 80 million a year in revenue, [it] never yielded the hoped-for public offering ". Forbes.com uses a contributor network in which

2496-432: The suburban region of functioning cities to provide accommodation for a growing urban population. The "ghost city" narrative around Chinese urban development first emerged in Ordos Kangbashi. In 2009, Al Jazeera journalist Melissa Chan reportedly came across the newly built Kangbashi district during a separate assignment. Though approximately 30,000 people already lived in the area, she described it as "empty" and labeled it

2548-491: The website blocked internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access was granted. Forbes argued that this is done because customers using ad blocking software do not contribute to the site's revenue. Malware attacks have been noted to occur from the Forbes site. Forbes won the 2020 Webby People's Voice Award for Business Blog/Website . In November 2019, Forbes launched

2600-410: Was a glut of empty houses. Bloomberg also reported in 2021 that numerous cities including Zhengzhou and Ordos, that had previously been criticized as "ghost cities" in 2010s, have begun to fill up and "stir to life" and become functional cities, and suggested that "China is playing a very long game” when it came to urbanisation . In 2015, Wade Shepard, author of Ghost Cities of China, criticized

2652-476: Was a simplistic and misinformed perspective. He also pointed out that in 2017, the "ghost city" label had become increasingly hard to apply to Ordos Kangbashi district as it had since further significantly increased its resident population from 30,000 to 153,000 people living there. Shepard also explained how property values are structured in China plays a role in the creation of underoccupied new developments. " Economically affordable housing " must be lived in by

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2704-461: Was to continue to occupy the space under a five-year sale-leaseback arrangement. The company's headquarters moved to the Newport section of downtown Jersey City , New Jersey, in 2014. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. This was encouraged by minority shareholders Elevation Partners . Sale documents prepared by Deutsche Bank revealed that

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