http://paper.wenweipo.com/2010/07/07/CH1007070001.htm The article is in Chinese. Key point: 65 million flats in 660 cities are vacant. For a family of 3 to 4 members, this means they are enough to accommodate 200-240 million people. Another article in Chinese too (2006 article): http://www.cpirc.org.cn/news/rkxw_gn_detail.asp?id=7445 Key point: Out of 1.3 billion total population, 500 million live in the 666 cities. Within the next 10 years, additional 150-200 million will enter the cities. So total city population should be 600-650 million now. This shows where the GDP growth goes to. A huge bubble is in place already. PS: in cities like Beijing, Shanghai, a regular flat costs 20 years of salary of an average person.