All makes sense.

I read in the FT yesterday that China has enough empty homes to house 90m people. I would think even for a place with 1.4B people, that's a lot. It's hard to imagine so many empty homes that all of Germany could live in it. There was an aerial photo of one of these developments that reminded me of SimCity, when you try to cram as many people in as possible.

Does it snowball, though? The credit/asset spiral (well described by Soros in his books) seems very real. With the economy exploding over the last decades it would seem that NOT loading up on debt was a dumb move, so it makes sense that all the housing developers and everyone else has done so.

What are the levers for the government?