Dubai, at the peak of its building boom, had 240 square meters of property under development for every $1 million in national GDP. In urban China today that ratio is four times as high. We've seen this movie before. It was Dubai a couple of years ago, Thailand and Indonesia during the Asian crisis of the late '90s, and Tokyo in 1989. This movie has a bad ending.
~ Jim Chanos, "Chanos vs. China," Fortune, December 6, 2010