From AP, via HoustonChronicle.com:
China faces a potential property bubble whose bursting could leave banks with huge losses, the central bank said in a report ” the government’s frankest assessment so far of the risks from inflated real estate prices.
Average real estate prices in China rose by 14.4 percent in 2004 over the previous year. And they rose by 12.5 percent in the first quarter of 2005, the report said.
