My neighbor has 3 cars and another one down the street has four. Everywhere I turn, people have extra vehicles. And they just leave them vacant... like ghost vehicles. I'm terrified that the market is going to collapse.. so many cars that aren't being used except occasionally on the weekend or when going camping. Why do people keep buying these vehicles??? are they insane??? We need to immediately short all the car manufacturers... their stock is obviously going straight to $1.75. (Ironically many people are taking multiple loans on vehicles here in the United States and walk if they don't feel like paying, yet for housing in China they are required to put at least 40-50% down and on up to 100% for multiple home purchases. P.S. They don't walk after putting down that kind of money.)
Excerpt from Reuters article that was written yesterday:
"The Chinese property sector rebounded strongly after the country's top economic planning agency said guidelines for urbanisation will be launched by July. China plans to spend 40 trillion yuan ($6.4 trillion) to bring 400 million people to cities over the next decade."