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China's property market crashing

"Terrible oversupply"

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A hard landing? Yes

Here's the situation...

China is accumulating dollars like crazy.

Its consumers have few places to invest, so what to they do? They've been investing in the one thing that's handy: real estate.

China also has an oversupply of labor which is why labor is so cheap (duh!)

So far, these problems (no place to invest, shortage of jobs) have been solved by a manic building program.

When this happened in the US - on a much more modest scale - it almost broke in the financial system.

Does anyone think this overinvestment will not have serious consequences in China?