"It is not sustainable. They have been cranking out credit as fast as they possibly can, that too is always release the problems down the road. Now, China has made some mistakes. One, they are pumping out credit at a very rapid rate. Prices are starting to go up for real estate. In my view, the real estate bubbles are developing in Shanghai, Hong Kong and some of the cities in China. Now they are going to have to cut back. Nobody should have done all this huge amount of spending much of that’s credit expansion but they did and now we are going to have to pay for it. "
in Economic Times
