Some interesting comments at the link. Apparently many of these houses are paid for with cash...so the possibility of a Florida style collapse is less. Imagine how full these houses would be, if they didn’t force abortions and infanticide.
....the vast amounts of new stimulus money injected into the Chinese economy have been channeled, initially at least, into tangible assets rather than consumption, fueling skyrocketing prices for real estate, jade, fine art, fine wine, rare tea, etc. The price of gold, of course, is determined by global markets, that surging Chinese demand — consistent with the asset inflation – was contributing to the 27% run-up in gold prices this year.
China imported 209.7 metric tons of gold in the first 10 months of the year, a fivefold increase compared with the same period last year. That surpassed purchases made by ETFs and surprised analysts, who until now had no clear insight into the size of China’s buying …
“Everybody in the gold market knew there was a surge in investment demand, but they didn’t know it was China,” said Jeff Christian, managing director at CPM Group