China’s Real Estate Bubble May Have Just Popped
China's Real Estate Bubble May Have Just Popped; The Two Year Anniversary Of "China's Ghost Cities" Epic Keynesian Fail; China - 64 million vacant condos
By News on the Net —— Bio and Archives--December 28, 2011
World News | Comments | Back To Full Article
Foreign Affairs
For years analysts have warned of a looming real estate bubble in China, but the predicted downturn, the bursting of that bubble, never occurred -- that is, until now. In a telling scene two months ago, Shanghai property developers started slashing prices on their latest luxury condos by up to one-third. Crowds of owners who had recently bought apartments at full price converged on sales offices throughout the city, demanding refunds. Some angry investors went on a rampage, breaking windows and smashing showrooms.
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