The China Files (Special Project): Real Estate

The real estate market in China, particularly the residential side, is a burgeoning bubble that is growing bigger and more breakable by the day. Land and housing prices were already rising steadily when Beijing's stimulus package hit the sector in early 2009. Now prices are surging, with developers, bureaucrats and investors cashing in while urban Chinese — once encouraged to invest in home ownership by the central government — become less and less able to buy. Editor's Note: This analysis is part of a series that explores China's industry, finance and statistics.