China - Housing bubble about to burst or already bursting

I heard this very interesting but near prophecy-like podcast by Peter Day of BBC in the program "By our own correspondent" yesterday.

http://www.bbc.co.uk/iplayer/console/p00pjgll

What struck me the most was the almost unstoppable boom in China is showing signs of just slowing but possibly bust. Can you believe there is already a ghost town with many flats in several apartment buildings which doubled in prices recently are unoccupied in Mongolia in a town called Ordos. Several shops are empty and local money lenders are out of business and financiers have either ran away or disappeared. See the picture below:

Empty apartment blocks, Ordos, Inner Mongolia

This audio-documentary is quite a earful. Not sure if its an indication of the near future of China, atleast you can't say no one told you.  

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