Most of those units you see have been sold and are being sat on by speculators expecting them to go up in value since real estate is still appreciating like mad

Most of those units you see have been sold and are being sat on by speculators expecting them to go up in value since real estate is still appreciating like mad. Sitting in front of the news here in Shanghai this morning it posted a message that in 67 out of 70 cities home prices went up in May. That's even after government curbs and more restrictions being put in place on who can buy property, especially in the cities. Most educated folks I've talked with here acknowledge they're sitting in the middle of a property bubble. They assume that the large down payment options will protect the banks and just hope that they got in early enough to protect their initial investment.