Those so called evil words "ghost cities" are accurate. There have been several segments done by different news agencies, showing different "ghost cities". Those ghost cities have less than 30% occupancy. Take a look at the largest mall in the world.
Accurate? I grew up in China, and currently own properties in China. I was back in China this summer, and read Chinese news everyday on government's efforts to stabilize the property market, not to crash it.
Chanos uses American investors' fears and American's crashed housing price in the past, to scare investors. It has worked very well, but valuation in the fastest-growing major economy is just too compelling. I will wait out, in and strong as the most stubborn contrarian.