[BobbyJo]

To be fair, housing in China is used as a savings vehicle. They have few, if any, social safety nets available to them, and don't trust the stock market.

Housing in the US doesn't have nearly the same speculative force behind it.

[baybal2]

Very much true, and this is what I wanted to show — what is a case of a real speculative runaway.

Still, the fact stands as mindboggling as it is — China has few Californias of empty housing, and a ridiculous housing price runaway at the same time.