Key Points: December 6, a Henan man runs around in the city at night in shorts as a result of incorrectly predicting that housing prices will fall. Reportedly, he was originally planning to streak [run naked], but gave up the idea due to the weather being too cold. Experts claim this kind of behavior is an expression of helplessness of young people towards overpriced housing prices.
The housing bubble will burst in the second half of 2010, and it wont be pleasant. Just imagine, the whole emerging middle class who have hocked their whole life for a 70 year lease, ALL asking the govt for compensation. The whole housing industry is a developer/banker/provincial govt Ponzi scheme. Planned housing developments go down on the books as assets to leverage new loans. Half empty apt complexes, malls without a Prada outlet. Im actually looking forward to it all, since, whatever economic model you use, you still have to be honest about debits and credits.