A must watch.
Empty highways, empty buildings, empty cities.
China's economy has become the second largest in the world, but its rapid growth may have created the largest housing bubble in history.
Wang Shi, chairman and founder of real estate developer China Vanke tells Stahl that if the bubble bursts, it could spark China’s version of an Arab Spring, bringing social unrest and political upheaval in its wake.
And right on cue, here's the latest move by Beijing (earlier today) to dampen real estate prices, including a new 20% capital gains tax on property transactions.
Today, Chinese stocks suffered their worst drop in several months.
Broadcast last night on CBS.
Bonus clip from last night's show:
Zhang Xin: China's Self-Made Baillionaire Real Estate Mogul
How she went from working in a sweatshop to becoming a billionaire real estate mogul.