BeijingThere would appear to be a housing bubble in China.
According to Edward Chancellor, on 7 February 2011, at the Financial Times (China's bubbling economy):
In China the total value of all housing will probably exceed 350% of GDP this year.
This is the same level as in Japan at the height of its housing bubble.
Construction accounts for around one-quarter of economic activity in China.
This is the same level that Ireland attained before its crash.
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Ponzi finance is widespread in China.
There are wasteful infrastructure projects.
Banks bypass credit restrictions when lending to such projects.
Local governments make money from providing land for such projects.
State-owned enterprises are dabbling in real estate.
The majority of the population cannot afford the posh apartments in many Chinese cities.
Speculators have bought millions of apartments that are now sitting empty.
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