[photophotoplasm]

> I feel they have a real-estate bubble of incredible proportions.

It's bad, but I think it seems worse than it is. Reason is that in East Asia buildings that have been lived in are considered "used" and therefore less valuable than a new one. So whereas in the West an investor would get himself a little pocket money by renting his building out, in the East they keep it empty to keep its value up.