CBS (60 Minutes) reports on China's Real Estate Bubble - Updated

Says the narrator: "Non-existent supply for non-existent demand."

Hong Kong financial analyst Gilem Talick: “...multiple generations/classes of Chinese are going to be wiped out, and 50 million construction workers will lose their jobs.”

China’s bggest home builder Wang Shure of Vanke: “Homes in China are too expensive. There is a bubble of course and it will burst and its going to be a disaster.”

Analyst Anne Stevenson Yang: “The debt crisis is starting...”

Says it all.

CBS has this short bonus feature on their website in which Analyst Anne Stevenson-Yang explains how China's real estate boom was created -- and what might happen to property owners if the bottom falls out...

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