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
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