After being bombarded with lots of anecdotal evidence regarding the deepening real estate bust in China, I decided to collect some sources. Doesn't sound too good.
In a nutshell: There's too much high-end housing (as opposed to affordable housing), too many new shopping malls, too many office towers (way too many!), and way too many high-end hotels (whereas budget ones are running at full occupancy).
I wonder who financed the construction frenzy?
Random collection of links:
Of course it's also true that China's real estate market has seen similar stories many times before. Years ago, people thought Lujiazui would forever remain a white elephant with lots of empty sky-scrapers. Half-empty high-end apartment complexes also seemed to be a permanent fixture on the Shanghai skyline. But somehow it sounds worse this time. I suppose there are more than enough Chinese to eventually fill up all these empty buildings, though.