China Builds Its Dreams, and Some Fear a Bubble

China is experiencing a building boom, the scope of which means that cities like Shanghai now dwarf New York in terms of skyscrapers and vast networks of upscale apartment complexes. As a result of its unprecedented construction sector growth, China is scouring the world for energy and natural resources so that its cities, 170 of which have more than 1 million people, can meet and surpass Western cities in size and development. The boom has led to higher commodity prices and has the potential to cause immeasurable global environmental harm. China is already the world's second largest producer of greenhouse gases, behind the US, and is home to 7 of the world's 10 most polluted cities. Government officials worry that the high prices might lay stress on the economy or even cause social instability. In addition, the building boom is eradicating the "old China" by demolishing old structures and displacing millions of people. Despite these drawbacks, there is much evidence to suggest that China's demand for housing will increase at an unbounded pace for the foreseeable future. – YaleGlobal