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China Property Bubble May Lead to U.S.-Style Real Estate Slump

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"Millions of Chinese are pursuing property with a zeal once typical of house-happy Americans," according to Bloomberg. "Some Chinese are plunking down wads of cash for homes. Others are taking out mortgages at record levels. Developers are snapping up land for luxury high- rises and villas, and the banks are eagerly funding them. Some local officials are even building towns from scratch in the desert, certain that demand won’t flag. And if families can swing it, they buy two apartments: one to live in, one to flip when prices jump further." Sound familiar?
SOURCE:   Bloomberg

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