China housing bubble

For these for you can read simple Chinese, here is an apartment with one million USD in Shanghai, not the best area, 5 year old apartment and no decoration anywhere…… http://shanghai.anjuke.com/v2/prop/view/15478906

 

I am not calling the tops for China housing market. the craziness may go on for months or years…  but once China starts collecting property tax on housing, everything is over.   Before a property tax is collected, local government has to stimulate local land prices in various ways to gurantee its yearly income…