Where The Next Bubble Is Likely To Pop

I caught this video link over at NRO; it's a five minute news report examining one way China may be able to maintain its 'consistent' GDP growth numbers. The story focuses on the Chinese city of Ordos - or is that "New Ordos" - a brand new city built from scratch just several miles away from the existing city. Here's the interesting part - it sits completely empty:



Watch for the money quote from Patrick Chovanec of Tsinghua University at about 2:5o: "Nobody's ever really lost money in real estate in China."

Uh-oh.