China’s economy has become the second largest in the world, but its rapid growth may have created the largest housing bubble in history. Lesley Stahl reports.
One sector the authorities concentrated on was real estate and construction. But, as we first reported in March, that may have created the largest housing bubble in human history. If you go to China, it’s easy to see why there’s all the talk of a bubble. We discovered that the most populated nation on Earth is building houses, districts and cities with no one in them.
Complete transcript here: China’s Real Estate Bubble