For all first time visitors to Shanghai, the comments on the way in from the airport are the same, "Wow. Alot of buildings. Have these always been here?".
Let's put some numbers to that observation:
From a recent IHT article:
"This year alone, Shanghai will complete towers with more space for living and working than there is in all the office buildings in New York City. That will happen in a city that already has 4,000 skyscrapers, almost double the number in New York. And there are designs to build 1,000 more by the end of this decade."
And we think that there is a real estate bubble in the US? (By the way there is...but, misery loves company). All unnatural acts, regardless of how they are financed, return to the mean over time.