“…A typical apartment in Shanghai cost about 45x the average resident’s annual salary.” – Leslie Stahl
In case you missed 60 Minutes tonight here is a very interesting piece on what drives and what plagues China. This is a must view, folks.
The McSwans (macro swans, which drove volatility over the past few years) appear to be resurfacing with Italy’s election and China’s attempt to curb its real estate bubble. Most Chinese property stocks are limit down (-10 percent) in trading today as the government steps up its pressure to curb real estate speculation.
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.
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