Chinese Real Estate ASset bubble

China inland cities (second and third tier such as Hefei) are suffering a real estate asset bubble with fifty percent increases and sales at $50,000 to $120,000 for places where the average annual income is two thousand dollars, one sixth of its workers doing construction, and half of the apartments owned by speculators without occupants. And local officials are encouraging this to gain fees from developer feesand to meet central government growth targets.