Lessons from China's Looming Housing Crisis

The Chinese phrase for real-estate bubble is Fáng dìchÇ?n pàomò. For my students in Beijing, it's not a concept I need to spend much time explaining. As any Chinese citizen could tell you, property values have been exploding throughout the country for more than a decade. Central areas in first-tier cities like Beijing, Shanghai and Guangzhou now rival their Western counterparts in both opulence and expense. . .