Saturday, June 8, 2013
But it’s different in China?
"Wang said in a March CBS broadcast of the 60 Minutes news programme that the housing bubble could spell "disaster" for China's real estate market and that debt held by developers is a serious problem". "He referred to "ghost towns" where homes are built and left unoccupied, while as much as 60 per cent of other housing projects in other cities were snapped up the first day they were put up for sale". (The upcoming trade war with the EU covering wines and fast cars may stop the Chinese wasting money on non-essentials).