China’s Real Estate Bubble, and Hopes for Democracy

For CBS’ 60 Minutes, Lesley Stahl visits China to investigate the “largest housing bubble in human history” and explore ghost cities, such as Ordos, Inner Mongolia, and housing and shopping developments that have been built and left empty around the country:

Stahl interviews developer Wang Shi who acknowledges that the bubble is “dangerous” and on the verge of bursting. In an accompanying Internet feature, Stahl also interviews real estate mogul Zhang Xin — the “richest self-made billionaire woman in the world” — who made waves not for her comments on the real estate market in China, but on democracy, made in the last minute of this clip:

60 Minutes Overtime gives more background on Zhang’s comments and discusses her activity on weibo:

[The SOHO Sanlitun office and shopping area, developed by Zhang Xin and her husband Pan Shiyi. Photo by TonyV3112 /]


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