I’ve been warning that the greatest threat to the global economy is the bursting of China’s real estate bubble. It’s the largest and most extreme in the world. Prices for Shanghai real estate have gone up 650% since 2000 and 86% since the last peak in 2007.
Here’s my question… what’s driving this bubble? The answer lies in the movement of 220 million people from rural to urban areas over the last 12 years — the greatest and fastest urbanization rate in history.
And what do these new unskilled people do for a living? They build condos for no one. China has massive ghost cities with little or no residents. It has 27% of its condos in urban areas that are standing there… vacant.
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