So, if China real estate is affordable because people are reputed to pay cash for it . . . where does the money come from?
Ponzi "Shark Loans" Fuel China's Housing Bubble
Note the quote from Bill on the post above about repeatedly bailing out his mother in law. This Ponzi scheme is an old one, but up until now, the loan amounts were well within range of Western relatives making things right. Not so anymore. Bailing out a relative who got into hot water over $8k is a completely different ball game than $150k (the current price for an apartment in a major city in China).