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Mark Gongloff

China’s Housing Bubble Puts All Other Housing Bubbles to Shame

Evergrande is just a symptom of far deeper problems.

Ghost stories.

Ghost stories.

Photographer: Bloomberg/Bloomberg

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When playing word association with China’s economy right now, some phrases spring to mind that may seem unfair: pyramid scheme, house of cards, Jenga tower with half the pieces missing, intoxicated teenager on stilts. But two terms that do not come to mind, and absolutely should not, are “stable” and “sustainable.”