tag:blogger.com,1999:blog-5936637281134795592.post181472912347147579..comments2024-03-08T08:55:52.985-08:00Comments on Whispers from the Edge of the Rainforest: A butterfly flaps it's wings in China... what happens in Vancouver?Unknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5936637281134795592.post-66155266015475625222010-07-06T17:14:55.262-07:002010-07-06T17:14:55.262-07:00I have made a number of trips to China and people ...I have made a number of trips to China and people just don't understand how volitile everthing is over there.<br /><br />Frenzied developers with access to cheap money are creating a glut of premium office space and luxury apartments, priced at about 80 times the average income of the city's residents. Prospective middle-class homeowners, in panic-buying mode, are snapping up two properties at once, hoping to flip the second one to finance the first.<br /><br />Banks eager to reap upfront fees are granting mortgages to all comers. Even factory owners are in on the speculation, generating more profit from flipping property than from traditional manufacturing, which increasingly is moving offshore to Vietnam, Malaysia and other nations with lower labour costs.<br /><br />Jim Chanos, the legendary U.S. short-seller claims the overheated Chinese housing market is "Dubai times 1,000 — or worse."<br /><br />I completely agree with you about what could happen here.Anonymousnoreply@blogger.com