SOS WikiChina

China is already home to the world's largest shopping mall in Dongguan, which - apart from a few foreign fast-food chains - has lied 99 per cent empty since it was built in 2005.

He claims that these are New York City high-rises with prices to match, for a population that earns roughly a tenth of the US per capita income. Chanos dismisses the myth of a Chinese migration to cities, and claims that Chinese property has become a market for high-end speculators

An Al Jazeera report from November of last year covers "China's Empty City" in Ordos, Inner Mongolia. The new city in Ordos is a state-sponsored construction project that helps achieve growth targets, but creates little value. The most curious thing about the newly built city is that even though no one lives there and there is no local economy, every apartment complex has been sold out.

The above is the extracts from rediffBusiness.com. I believe some of the areas of concerns are:

• Bank credit growth mainly towards states own SPVs
• Large stimulus which normally leads to resources wrongly allocated
• Central policies, i.e. government driven, may not work in long run
• Bubble in properties is bigger than expected