There are mounting predictions that China's property bubble is about to burst. “I think Chinese property is the Titanic about to crash into the iceberg, said Pan Shiyi, chairman of commercial developer SOHO China, last week. Efforts by Beijing to control property price inflation have failed, largely because local governments depend on land sales for revenue. Home ownership is now beyond the reach of many Chinese, fuelling resentment. The head of the European Union Chamber of Commerce in China, Joerg Wuttke, said: “Real estate is nearly 20% of GDP, so if that sector has a problem you definitely have a problem.”
