“Dubai of China” Implodes: Beginning Of The End?

The property market in the “Dubai of China” has imploded, according to a report from news agency France 24. There is what looks like a property bubble in many parts of the country, and the collapse of prices in one of its most prestigious markets could mean the beginning of the end of China’s massive economic expansion. Property prices on the exclusive man-made Phoenix Island have fallen drastically. Apartments which were on offer for 150,000 yuan per square foot in 2010 are now being offloaded at as little as 70,000 yuan per square foot. There has been a lending boom…