主题：世界主要房地产泡沫的时间跨度和涨幅(修订图表) -- SkyWalkerJ

nominal price, not inflation-adjusted (I recall).

以上这几个泡沫期的跨度大致在6-7year --- it takes years to build a bubble and it takes at least another 7 years to reach the bottom, based on US Los Angeles experience.

BTW, another way to detect bubble--median house price(100sq. meter)/median city disposable income or median rental.

First tier cities such as Shanghai, Beijing are in the worst shape now.

Sooner or later the property tax will come because local gov. has a fiscal crisis coming. But before imposing property tax, a reform of the personal income tax system must be implemented in China.

Won is incompetent for all those challenges.