Chinese real estate

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:

Nationwide:
http://en.ce.cn/Industries/Property/200902/13/t20090213_18195916.shtml

Xi An:
http://markschinablog.blogspot.com/2009/03/commercial-real-estate-over-development.html

Beijing:
http://mpettis.com/2009/02/chinese-real-estate-is-in-the-headlines-again/
http://www.bloomberg.com/apps/news?pid=20601080&sid=akQ2cFRtmecM&refer=asia

Shanghai:
http://news.xinhuanet.com/english/2009-02/17/content_10831337.htm
http://www.csmonitor.com/2008/1208/p07s03-woap.html

Shenzhen:
http://www.financialpost.com/story.html?id=1168575

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.