Australia’s “Special Broadcasting Service” – SBS – Special Documentary –
The government in China is building new cities to reach Gross Domestic Product quotas, not to satisfy consumer demand. It is estimated that 10 new cities begin construction every year and that there are 60 million highrise housing units vacant in dozens of new cities throughout China. Much of the new construction of these new mega-cities is replacing lower quality residential property currently housing millions of people.
With the average Chinese family making $7,000 per year and the cost of this new housing ranging from $70,000 to $100,000, it is not affordable to the average family, only speculators.
Is a massive real estate bubble, like nothing we have ever experienced in the west, around the corner? If so, millions of property speculators could be wiped out and millions of impoverished Chinese, could spell massive social unrest for the government bureaucrats.
Have you seen this on the socialist news networks: ABC, NBC, CBS, MSNBC, CNBC, and CNN? History shows that:
- The Best off Societies embrace Capitalism
- The worst off Societies embrace Socialism
Look at North Korea, Cuba, Venezuela, Greece, Eastern Europe, Western Europe, China, etc., etc., etc.