What Do You Think About China Housing Bubble?

I wrote a paper with andre schleifer and ranma on the chinese housing bubble. We thought that the level of vacancies, as far as we were able to tell, outside of the tir on cities, o the tiron cities are shanghai, beseang, shensen, the levels of vacancies are just enormous. And what's interesting is their vacancies that are kept on the books of developers, which is not a thing you see the us. What we think is going on is that there was a massove provision of housing that is o latively high quality, probably higher quality than the incomes in many of these places. A lot of it's just sitting