With all the huffing, puffing, moaning and yelping about international debt crises, one has got ask how China is maintaining its frantic “building binge.” Today, the GlobalPost published my analysis of the current infrastructure and property development problems in China, notably in urban centers such as Shanghai and Chongqing.
This story began its life during a visit of mine to Chongqing in February. While there, it was near impossible to miss the boom; the clatter of creative destructive paving way for the new — it overtook the entire city.
But after, and indeed before, this property is completed, Chinese investors — who are given few options because they are only allowed to purchase foreign exchanges worth up to $50,000USD annually — scour the market to buy up the most salubrious assets. Thus, the potential making of a that oh-so-unforeseeable bubble.
And because it is an unforgettable image to me, I feel the need to post the following picture from my trip to Chongqing, which reminds me (and my friend Jay) of a scene from Resident Evil (the zombie-killing video game, if you are unfamiliar) …