The size of the housing bubble in China is unimaginable

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credit: Lloyd Alter

The two most troubling things about visiting China are the smog and the scale of the development boom, both visible in this photo taken at 7:15 AM on the road out of Changsha, the capital of Hunan Province. It is a minor city with little to offer tourists, but it has the provincial government and a big manufacturing base that perhaps can justify so much construction.

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