"It [China] may have created the largest real estate bubble in human history," was the introduction by Lesley Stahl of 60-minutes to a story about China's real estate bubble. If you missed this story, I suggest you take time and watch it. You can find it here. After viewing this, and seeing the miles and miles and miles of empty skyscrapers, condos, and shopping centers, it is highly probable China has created the large real estate bubble in human history.
Lesley kept quoting from one of baseball's classic movies, Field of Dreams (though JR and I prefer The Natural), "If we build it they will come," as the rationale for all this space. But as you learn right away in the 60-minutes piece-they aren't coming. There has been no mass migration from the rural areas to these new cities. And just maybe, as an analyst quoted in the piece said, it might be because most of the housing built in these gleaming new ghost cities is priced at about $50,000 US per unit and peasants make about $2 per day on average.