Hedge fund manager Hugh Hendry toured business districts in China to evaluate the commercial real estate (CRE) situation. What he found should be discomfiting for all but the sunniest of optimists. Skyscraper after skyscraper, office building after office building... all are empty and awaiting tenants that will never arrive. And more buildings are under construction as we speak.
Put simply, China's credit bubble has yet to deflate.And when it does, the effects will be felt in the Beijing's halls of government and around the world.
Note: the audio quality of the video is quite poor, but still definitely worth the viewing.
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