China’s real estate bubble

This isn’t a new story but it is worth watching the video. Note that the gentleman leading Lesley Stahl around is the same one from the fifth link below in the Australian report on China’s property market.

From CBS News in the US:

“China’s economy has become the second largest in the world, but its rapid growth may have created the largest housing bubble in history. Lesley Stahl reports.”

Video below

Also see: China to Raise Budget Deficit by 50 Percent to Boost Demand – Businessweek

Related:

• Hugh Hendry: China – The Emperor has no clothes, Jul 2009
• China’s empty city: the emperor really has no clothes, Nov 2009
• Construction in China’s Ghost Towns, Jan 2010
• Dongguan Ghost Mall And China’s Property Boom, Jan 2011
• Video: Australia on China’s property market and ghost cities, Apr 2011