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China's real estate bubble

March 3, 2013 4:00 PM

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.

China's real estate bubble
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by viktik137 May 29, 2013 7:17 PM EDT
Oh my God they are doing the same as Americans did. But this time no bank is funneling money in housing. this foolish trend is bound to fall. It will be huge disaster. At least a lot of money of Chinese people will vanish in thin air. How the world let it happen.
It will plunge whole world in darkness. i don't know the worth of this bubble. But no one will so bailout these people. i hope they have more money than they are investing in housing so that they can survive this punch on there face.
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by Rn506 May 20, 2013 1:10 PM EDT
I couldn't help but comment.. A lot of people are trying to rationalize & make excuses. Sorry, no logic in having an empty shopping mall for 3 years or 5 years.Even the tourist areas are empty. The biggest problem is not the cost of the homes, the problem is I have seen you must pay half the cost up front, and pay off the remaining costs in 3 years. Most people in China make next to nothing, the banks won't lend you money.. so it is virtually impossible. They are building great infrastructure that is well planned out... I see this partly as an attempt to keep young people from leaving & living abroad.. as to say, hey we have everything you need right here.It's going to take quite a while to fill those 10's of millions of vacancies across the country. It's clear they build to make it appear as though the economy is so big & growing vastly, when in reality the only business boom is construction.
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by acmono May 7, 2013 9:44 AM EDT
this is total crap. complete made up stories. the tianjin project is on hold due to government approval process. "selected presentation" with made up stories.
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by webserver227 May 5, 2013 3:34 AM EDT
Lucky, most buyers are paying cash for their properties. It is still cheap compare to many other nations. Chinese popuation growth can eat up all the housing capacity.
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by webserver227 May 5, 2013 3:34 AM EDT
Lucky, most buyers are paying cash for their properties. It is still cheap compare to many other nations. Chinese popuation growth can eat up all the housing capacity.
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by pugster March 31, 2013 7:29 AM EDT
Looks like another 60 minutes propaganda hack job by Lesley Stahl. The place where they visited in Zhengzhou is definitely not a ghost city.

http://www.vagabondjourney.com/zhengzhou-zhengdong-china-largest-ghost-city/
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by okayfinekatie March 21, 2013 8:06 PM EDT
I was wondering if anyone had any direct links to information regrading this topic. I saw the story and chose to write my english paper on it, but I need to do precis paragraphs for at least three of my sources (that I am having trouble finding). If anyone has any links please let me know! Thank you so much(:
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by davidchipps March 19, 2013 4:15 AM EDT
Wow! Capitalism isn't the problem...Globalism is. I am a U.S. citizen who is nearly homeless paying for an education, that is paying for the tech boom that generated China's housing bubble and our own housing bubble. China can't I have a condo? It would be good for my wind in liver and alleviate stress in back.
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by flashkube March 12, 2013 9:03 AM EDT
When I see stories like this I realize I know nothing about the world.
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by RailroadT March 10, 2013 4:12 AM EDT
While there are certainly issues with real estate in China, Gillem Tulloch is a know nothing deuschebag. I can see the sexpat smirk acquired through too many visits to the spas.

He couldn't answer simple questions, probably because he doesn't speak a word of Chinese and can't even ask the locals what they are doing with a pile of bricks. He doesn't state any facts definitely because he's too busy being wanked in massage parlors. Seriously, what a pathetic example of a China expert.

Living in Hong Kong does not make one an expert on China.
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