Following the 60 Minutes profile of China and its vacant new cities, hear from Chanos who has been talking about a Chinese real estate bubble for several years.
According Chanos, the empty condos being built in China are owned by wealthy Chinese who can't invest their cash outside the country. He thought three years ago China had overbuilt, but incredibly believes that the building has doubled since then.
Chanos believes that the Chinese government has trillions invested in real estate at this point in the form of bad loans.
According Chanos, the empty condos being built in China are owned by wealthy Chinese who can't invest their cash outside the country. He thought three years ago China had overbuilt, but incredibly believes that the building has doubled since then.
Chanos believes that the Chinese government has trillions invested in real estate at this point in the form of bad loans.
