By Old New Lefty (Guest Post)
The first clue that something was wrong was when I was watching CCTV, the equivalent of CNBC or MSNBC for China. There was a one minute news item about the housing situation, and the reporter had the news that property values in the PRC are actually declining. This was newsworthy as prices have only been going up for many years. No big deal, right? Well actually, yes. Construction for housing has been a major part of the Chinese economic miracle for many years, and the housing and construction bubble in China has had far more of an economic impact than anything…
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