"Where Will it End? China's Looming Credit Crisis" http://online.barrons.com/article/S...578541251070413678.html#articleTabs_article=0 (can view for free by searching from Google) Pretty scary stuff. For example: "Yet even with the overbuilding, market prices of apartments haven't cracked, at least according to government reports. Developers can still borrow money for new projects even while trying to roll over and carry debt on their inventory of unsold apartments. Faith remains undiminished that continued migration from the countryside to the cities will cure all housing oversupply. Besides, apartment purchasing has become the No. 1 investment game in China after the stock market crapped out in 2007, with the Shanghai Index falling nearly 70% since. <b>Apartments are now more than living space -- they have become a store of value and an insurance policy against penury in old age. Living in them or even renting them out is deemed to diminish property value should someone ever show up to lease one. So they remain vacant.</b> Press reports recently said a party official was busted for, among other things, secretly owning some 50 apartments."