China Builds Its Dreams, and Some Fear a Bubble – David Barboza

18Bubb.1.184 From The New York Times:

This year alone, will complete towers with more space for living and working than there is in all the office buildings in New York City.

That is in a city that already has 4,000 skyscrapers, almost double the number in New York. And there are designs to build 1,000 more by the end of this decade.

The changing Shanghai skyline includes Skyline Mansion, the white building at center, which will be one of the most expensive apartment buildings in the city.

An apartment complex going up in Shanghai. With mortgage rates around 5 percent, energetic foreign investment, rising income and official approval, the nation is making up for years of inattention to construction.

China’s real estate market is so hot that miniature cities are being created with artificial lakes, and the country’s nouveau riche suddenly seem eager to put down as much as $5.3 million for a luxury apartment in skyscrapers with names like the Skyline Mansion.

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