The real estate economy is only 12 years old in China. Private property, owning property, is only 12 years old. So, they've only seen an up market, number one, so there's the arrogance of the first-time bull. But more importantly, there is just such an overriding view that the State will not let anything bad happen to 'me', by 'me' speculating. And history treats that statement very, very badly, I think, in terms of when people have felt that the government will not let anything go wrong.
~Jim Chanos, founder, Kynikos Associates, CNBC "Squawk Masters", May 18, 2011