The Rising Influence of Rising Affluence

[jbog]

Actually, Jim Chanos was talking about this today on Cnbc

http://www.cnbc.com/id/100532907

It looks very similar to our recent housing problem, but the real difference is that most of these properties were bought with generational wealth. If it busts, people in China can't walk away like the Americans did.

It's risky to the world, but of course it is real important to the Chinese economy because property is close to 50% of their economy.