Word: shanghaies
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...comprised nearly a quarter of that. Toss in the not insignificant fact that it was a huge real estate bust in the U.S. that dumped the world into recession in the first place, and many analysts are now beginning to fear the worst. "China's property market," says independent Shanghai economist Andy Xie, "is a massive bubble." (See TIME's photo-essay "The Making of Modern China...
...moves are belated. According to data compiled by real estate consultancy Colliers International, residential prices in 70 large and medium-sized cities across China soared in 2009, with 50% to 60% increases in Beijing and Shanghai. Real estate mania has become so intense that it has spilled over into pop culture. Last year one of the most popular television shows was a weekly drama entitled Wo Ju (literally "Dwelling Narrowness"), which focused on the plight of a young couple who spend two-thirds of their monthly income keeping up the mortgage on a tiny Shanghai apartment. Their tale...
...from that of the U.S. The first is that the real estate sector is nowhere near as reliant on debt financing as it is in the U.S. and much of the rest of the developed world. Consider the complex in which Yang, the cabbie, bought one of his three Shanghai apartments. The developer, Shanghai Forte Land, presold all the units before spending a cent on construction. In China's residential market, financing development with customers' cash, not loans, is standard operating procedure...
...Tiger Re "Tale of the Cat" [March 1]: During a visit to a Shanghai animal market in 1999, I observed a man sitting at the kerb cutting small pieces from a tiger's paw, mixing them with different herbs and then making small parcels of the mixture and selling them. While I was watching, two policemen turned up and also found interest in his business. One of them even bought a packet! Obviously they had not heard about the law banning trade in tiger parts. Unfortunately, as long as greed, poverty, corruption and old culture exist, there is very little...
...cars and bicycles were coated in a thin layer of wheat-colored dust, flights were delayed and on March 20 the air pollution index reached 500 - the worst level possible - due to the high level of particulates in the air. A day later, several cities in eastern China including Shanghai, Nanjing, Suzhou and Hangzhou reported similarly bad air quality. Hong Kong and Taiwan also reported dangerously high levels of pollution. (See pictures of the Mongolian Cyclone dusting up Beijing...