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Owned by people in China's emerging middle class, who now have enough money to invest but few ways to do it. They're not allowed to invest abroad, banks offer paltry returns, and the stock market is a rollercoaster. But 16 years ago, the government changed its policy and allowed people to buy their own homes and the flood gates opened.

Gillem Tulloch: So what they do is they invest in property because property prices have always gone up by more than inflation.

Lesley Stahl: And they believe it will always go up?

Gillem Tulloch: Yeah, just like they believed in the U.S.

Actually, property values have doubled and tripled and more -- so people in the middle class have sunk every last penny into buying five, even 10 apartments, fueling a building bonanza unprecedented in human history. No nation has ever built so much so fast.
www.cbsnews.
com/news/china-real-estate-bubble-lesley-stahl-60-minutes/