Shanghai Property Bubble - China

[chillimocha]

No, just smoke, dirt and other filth. If you come from somewhere outside of China the first thing you notice is the difficulty breathing. Most mainland Chinese don't know any different, they are born into it. What's really scary is if you cough up mucous from your chest, or blow your nose and see all the black grime that you have been breathing in. The whole place is just a filthy garbage dump. Mainland Chinese are so 'proud', they look at their cities as achievements, they are just garbage dump

[dlh127kor]

What a dump!

[edwardwills]

4:00 mark that guy was scaring me what he was saying.

[kalloggs40]

an hour from shanghai and they dont want to move? here in sydney australia, everybody sits in there cars for over an hour!!!! buy it idiots

[giriisindahouse]

@kalloggs40 perhaps your never heard of something called 'traffic in China'. Western traffic is nothing close to traffic in China.

[juanlmesl]

then stay in your little shit hole them. oh i cant affort this or that.

[lamanchadale]

50% of Chinese workers are paid less than $2 per day. What can they afford to live in? Why is China building housing that no one can afford to buy? If electrical engineers (I am one) cannot afford to buy a home there, who can?

[jvolstad]

Realtors are the same throughout the world. Scumbags!

[paroxyzm21]

I know what will collapse in 2012... housing industry in china..

[cruets]

hope they didnt buy, this is classic bubble/speculation market

[TheFuckengland]

fuck shanghai

[wirsenden2]

the city is beautiful :)

[somesortanaughty]

The Chinese have an amazing ability to smile their way through even the most depressing subjects and impossible situations.

[emkf7]

It sounds familiar because it is happening all over the world. Prepare yourselves, for the death of the middle class is nearing

[idangle6]

banks handing out lending Housing boom huge growth everyones winning in china! does that remind anybody of the subprime housing crisis In 2007 ?

[sdu0072001]

These 2 students are not Shanghainese, real Shanghainese doesn't live in the apartment like that.

[curts]

It seems that no country can learn from history. Nobody seems to pay any attention to what happened in Japan after their housing bubble collapsed.

Nobody, especially in Canada and U.S., will learn that housing is not a sustainable way to boost the economy. It's monkey see, monkey do.

Housing is the most manipulated market in the world.

[stfanciscainta]

So sad. This what happens when money and so called economic growth is put before the needs of people. This is not only happening in China but in many places in the world. There must be a better way then this.

[ThenewDelmoniaco]

most products from china coming to canada are crap, imagine their housing developments...crap...everethi­ng will crawl quick

[cirocar]

for 6000€/m2 that apartment looks like crap

[dexterthiam88]

buy some houses from the ghost cities.

[deafblindmutes]

cheap construction, over inflated cost, high population low income, ghost cities, and low female population. Oh yea, china is going down!!

I cant wait for the upraising, when the chinese bubble finally pops, and the currency is nearly worthless what will a billion starving peasants due?

[HowieXW]

this is real Shanghai, ugly, foggy, and poor. 

[sdu0072001]

@HowieXW This is not real Shanghai bro, this video only follows a young couple from countryside or Beijing.

[pgg200]

I like Shanghai very much, and I am a student of Shanghai University

I love this city.

[LikeMindedIncident]

Is there ever any blue sky in China?

[EconCat88]

@LikeMindedIncident

You have to go to Kunming to see much consistent sunshine. I've seen occasional sunny days in Shanghai, but most cities next to 0.

[LikeMindedIncident]

@EconCat88 Wow, that would break my spirit. Here in the UK we also have long periods of no sunshine but then you do get a balance. And on the property front, it looks like China is replicating a Western bubble. Oh dear... It is bad in UK, threat of repossessions or people experiencing a very insecure and ruthless private rental market. There is no more social housing, people ineligible to buy, rent overpriced. People are stuck in precarious ways. This is not living.

Best

[lyue1996]

@LikeMindedIncident Sure, there are on the none - metropolian places.

[lyue1996]

@LikeMindedIncident Noob, yes there is. You don't expect a huge country with mountains and huge forests always be foggy?

[whiteboygotswagg]

@LikeMindedIncident China has the best weather in the world dont believe me look it up

[Superanthony2006]

live under brigde for ten years then you be able to afford one of those apartment.

[dumdidolabumbuladido]

why a socialist country allow such speculation of housing to occur? why is the communist government not doing enough to intervern the housing market and regulate the housing policies to stop minority rich people from scramble the house for investment and preventing the majority people from buying for pure residential purpose?

China is sooooo un-socialist

[bradleyjm44]

@dumdidolabumbuladido It's the Chinese government that is having all of these apartments built to make sure their GDP growth remains at at least 8%. That's why there are millions of empty, unsold apartments and shopping malls and even entire cities. 60% of their economy is construction! And no one's buying. The Chinese are trying to fool the world, and themselves, and so far it's working... at least until that bubble bursts!

[KISSMAJUICYASS]

shanghai is expen$ive

[ChristopherAdderley]

When that Chinese Estate agent said, "they are seen as a good investment.. and they are. Compared to stocks or investing in gold which are both subject to variations, the value of housing has been rising for years".. this sounded almost exactly the same line the estate agents have been using here for years... sounds all too familiar.. Even if its being translated from Chinese..

[cirocar]

@ChristopherAdderley sounds like what they were saying in the US and in Europe before they realized that they should have thought about what was actually going on but then it was too late

[gobipill]

@ChristopherAdderley I'm sure the Chinese government is not ignorant of the enormous downfall of the American economy. They know the potential danger and they will have prepared for it.

[what77777]

lol I've heard of these chinese bubbles for years.. along with desertification, pollution, aging problems, social unrest that was all supposed to take down China according to analysts. Never happened...

[ChristopherAdderley]

@what77777 not yet

[erictjie]

good luck to china , asia pacific region for the housing bibble.

[evildnalor]

@erictjie You're right. What would Mao say about this?

[harrisonconstantinou]

i tought china was a communist countire and everyonr is equal?????

[thearsenalfan93]

@harrisonconstantinou china introduced free market economic reforms in 1980s..although some factors lags true capitalist ethos, china is the 2nd largest economy in the world behind USA and set to overtake the US in 20-30 yrs time.

[bombic85]

@thearsenalfan93 given the fact that there are 300 milions people living in the USA and 1,3 bilion people living in China i doubt that is anything they should brag about. it only underlines their poverty. plus these predictions assume that Chine will maintain its annual growth at least 8-9% in the next 20 years which is optimistic at best.

[thomasoeler]

weg mit werbung , youtube werbungsfrei!!!!!

[bogellenong]

as I expected.

[switchbladefights82]

6:15 Well, the empty unfinished concrete makes for a good postmodern / postindustrial decor. lol!

[incendie22]

China can just use the reserves and buy up all those bubble houses. It's not like they are in debt like America. They will be alright

[Konig1985]

@incendie22

Guess what their reserves are made of? T-bills.

The moment they start spending to save their property market, the world races to dump T-bills altogether and China's remaining reserve will evaporate (made up of T-bills they didn't dump in time). Now you can see why the Chinese is worried. The market is watching their every move.

[walter0bz]

@incendie22 -

apparently china could afford to buy some huge chunk of russia?

[joshinbed1]

Remember Japan's lost decade people... remember...

[tomabc2003]

Time to make the housing market bust, it is socially response way to get affordable housing for everybody in China.

[chrisblueworld]

China's economy is a huge bubble.

[bbly096]

That's exactly how Vancouver was screwed up

[FriedRiceRocks]

wow.

fk that.

pick another city.

its nice, sure but

unless they give out free cookies every day.

its not that fkn nice. rofl.

[glooer]

China has many problems for sure, but if it falls but many will fall.

[antysmok]

@glooer could you elaborate why?

that is normal and happens many times that crises are actually helping economy

to get back on track. I guess incoming bubble crash in China can only profit global economy, and in fact for long term can help even China itself.

[glooer]

@antysmok yeah, guess you are right. the bubble crisis does weaken the position that China holds in the world's economy.

[antysmok]

@glooer not yet not yet, but when finally the bubble will collapse it will hurt. As many people remind there it could end up like in Japan .. lost 10 years or 20 ...

[ruttsy42]

wait 6 mths for the bubble to burst and you can hve your dream unit on the 60th floor breathing in all the soot and pollution

[alecton]

who can afford those prices? Who lives in there? And what do they work in?

[marumito]

DIE DRAGON DIE!!!

[Justtelltruth]

@marumito Suck your own cock, you bloody asshole!

[PROFILESophiaYates]

I hope for the world to watch this.This is a great example for everyone to watch. People do not forget but forgive. Time is made to forget but people are genectically programmed to remember. Kathleen~

[kietpan]

@PROFILESophiaYates chinese people will remember ur ass white ass

[clearasvodka]

This guy tries to compare gold investing to housing? One thing he doesn't mention is that in China nobody actually owns the home they buy. It is a 70 year LEASE from the government. After that period the home goes back into state ownership. Land ownership is virtually impossible.  Banks are now requiring 60% down payment. Not to mention the construction quality is terrible. You would be lucky if the house stayed together during your 70 year lease! Chinese home owners = House slaves.

[GuardianDemonX]

lol and chinese people think their country is rich and superower, their country is so polluted and so many poor people, their govternment suck, killing their own people lol

[sky5000]

@GuardianDemonX

man, i do not think many Chinese think their country is rich and a superpower. and most of the Chinese know these problems they are facing.

[kietpan]

@GuardianDemonX we chinese are rich in culture hard work and pride....what ever the white people said.....we still think we are the best in evry way....u mother fucker.

[zatknight777]

Its teh the same in Lagos, Nigeria. Where ven just to rent a an average ares you have to pay 2-3 years in advance. Mortgages are still relatively new and even then you have bank interests rates of 23-30% with minimum 40% deposit. Despite what the western press says about Nigeria you still find people buying houses with cash.

A top end basic 4-5 bedroom house will set you back about $300K-500K. The real expensive areas you need minimum $30000000 for them to even say helo to you.

[giftzyx]

i would say, unlike european and american cities, big cities in asian (tokyo, hong kong, singapore, beijing, shanghai, taipei, seoul, mumbai, etc.) are very populated, and of course the prices will be high

[xxxrrrxxxrrr]

I'm pretty sure that in few years these prices will drop heavily. When speculators leave the market, these prices cannot be maintained. If middle-class can't afford to leave in a decent place, balance is just too off. Alhough I don't know nothing about CHinese market, so I'm just saying things from my own experiense.

Ofcourse the question is - are they willing to spend many more years living in a khmkhm...shithole.

[giftzyx]

@xxxrrrxxxrrr Shanghai is my hometown, so I know it quite well, at least in the near future, the prices won't drop too much. Actually, there're still many people who can afford and are willing to spend so much money on the "shitholes", lots of ppl from other provinces and countries want to move in and buy their homes in this city, population of local citizen is about 13million, and the total population is over 20million and still expanding...you can imagine there're always enough buyers

[fightthespoons]

please learn how to pronounce Chinese correctly. It's really not that hard.

[Scahhi]

damn, look that air so dirty.

[giftzyx]

@Scahhi yeah, you are right...so i quit

[heomak]

houses in indian cities are super expensive too esp cuz the whole mortgage thing is relatively new in india...most wealthy and middle class indians pay cash right away when buying houses..bank loans is a rare way to buy houses in developing countries...e.g. india and brazil.

every year, the price seems to get higher and higher..groan.

[LastReplaySC]

ohhhh, the poor chinese, they shuld check out some cities in europe, you've got the same conditions, but with a big difference, the are NO JOBS an GOVT organized Slave unproductive LAbor sceams, all to reduce overall net wage income costs, to match global labor costs!

people are even living in containers, 15% of the public can't afford the enery cost and must decide; food or heating ...... good morning reality

[Gollywog]

@nickhwee you actually get used to it after a few days

[flagship21]

Where do the poor live on the lawn of these buildings

[mehdan2]

SHANGHAI IS  IN CHINA!!

[a7nwee]

Invest in China.

Fifty years later China>Japan>USA

[DogyKane]

Chinese gov't already trying to squeeze the bubble a little bit, the pice has been halted recently, bt i doubt that the price will eventually stop right here.

It is purely a battle between Communist Regim and Capitalistic Market Force now, who s gonna win???

[OriginTo]

To make it clear for the title, maybe they just want to try to make comparison between the situation in Shanghai now and in Tokyo, Japan in 80'-90' before the boom went bust there. Hope this helps anyone who doesn't know this.

[OriginTo]

@OriginTo but having looked at other videos of JM, I think they made a mistake here. Obviously, it should be - China.

[JonnyNice]

@nickhwee

Except for that, Shanghai is a supercool city you know... If you've been there you would probably agree.

[heomak]

@JonnyNice i was in shanghai a few years back to visit my mom's friend who's a wealthy business woman.her house was super nice..she lived in a gated community where the houses(not apartment) look identical from outside and have a community gym, swimming pool, and tennis and basketball court..but the inside of her house is really pretty and unique looking...i can only imagine how much she must have paid for that place..

[tamastag]

80 square meter small? LOL

Definitely an australian point of view. Not a european. :)

[mistyken]

look at the gray sky and the smog......

i hope it's just not a clear day when JM shot this documentary...

[richard10661066]

good storey...once again...JM...Excellent work

[staticbb]

jirrrrrpaaahn???

[Charles2337]

They should consider getting a trailer lol

[jasonmildward34]

Who realy cares long as them chinks don't move to my part of the world hehe..

[Charles2337]

@jasonmildward34

Too bad they are the highest population in the world. It's only a matter of time lol

[YouSoldMe]

@jasonmildward34 stfu

[longtrader782]

Good rule of finance "No asset always goes up in price" When people start saying words "always" and "never" in Economics that thing they are talking about wont come true.

[shavaughn1980]

wow Who ever titled this is so smart! lol

It's a good video though.

[raven1234]

it's gonna burst... there is no doubt.

[TheLunachick]

Shanghai is in China. Geograhpy FAIL.

[whyeatedpies]

hahahahahahahaha.

[bsdpowa]

haha what a fail

[Finalmarco]

japan lol

[CheeezMaster]

Communists are heartless cunts.

[jazzeffc]

housing crash coming...

[2123rj]

$500 per sq foot

[The1JoeTurbo]

how the fuck can i get those fucking google ads off

[CheeezMaster]

@The1JoeTurbo press F5 when they start. That skips them.

[guy666]

@The1JoeTurbo If you use firefox download the "ad block plus" extension. Works like a charm :D

[zythepsarian]

looks like they got shanghi'd dohoh

[P3RSIANpinoy]

Someone needs to learn were Shanghai is... Definitely not in Japan

[kancerzx]

It should be China

[youngbuck189]

i know, the japan thing i dont get

[stopthismess2010]

@youngbuck189, agreed this is confusing. Who's economy is in question, Japan or China?

[cannoir]

who wants to live in the 28th floor with 2 small children ?

[tbeginnerz]

japan ??????

[sansez]

@tbeginnerz

The Japan suffered property bubble in 1980's, in which real estate prices got greatly inflated. The bubble's collapse lasted for more than a decade. The Japanese asset price bubble contributed to what the Japanese refer to as the "Lost Decade".

The documentaty is a kind of a warning to China

[ack44]

Shanghai Property Bubble - JAPAN

[thearsenalfan93]

@ack44 dont get it?