need to add title here

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
Add a Comment See all 92 Comments
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.
Reply to this comment
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.
Reply to this comment
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.
Reply to this comment
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.
Reply to this comment
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/
Reply to this comment
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(:
Reply to this comment
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.
Reply to this comment
by flashkube March 12, 2013 9:03 AM EDT
When I see stories like this I realize I know nothing about the world.
Reply to this comment
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.
Reply to this comment
by leftcoastrocky March 9, 2013 5:14 PM EST
The problem is out in the open. It is a real and serious problem. Actions can be taken to slowly deflate the bubble. For example, reducing new construction, figuring out ways to bring new industries to the locales of these unoccupied developments with a trade-off of deeply discounted prices for the workers at those industries, maybe (just maybe) opening some of these developments up to ownership by foreigners (who have to make certain concessions). China needs to work with foreign institutions (e.g., IMF, foreign universities, think tanks, whatever) to come up with good workable solutions and soon.
Reply to this comment
See all 92 Comments
Recent Segments

60MinutesOverTime

60 Minutes Overtime is a weekly web show that begins where the weekly television broadcast ends

  • 48 Hours iPad App

    Big changes for the 2012-2013 season! Watch the current week's episode for FREE up to a week after it airs or subscribe for access to all shows, classic episodes and more!