Remarkably Similar Housing Bubbles Worldwide

In an editorial at China Daily, the writer details conditions that could be said of many markets in the US and elsewhere. "The property market has witnessed four consecutive years of sizzling growth since 2001. Investment has risen sharply and, despite soaring prices, housing sales are also brisk."

And as is typical of the reports out of China, swift government action is dryly called for. "It is time for the government to intervene in the redhot housing market, otherwise it runs the risk of spiralling out of control. For many would-be urban home buyers, their dream of owning a home continues to disappear as house prices surge nationwide."