China's a Bubble!

"China reported a surge in bank lending and sharply rising property prices last month, figures that reinforced growing worries that the world's fastest-growing major economy risks inflating a new bubble. ... The central bank also reported Thursday that the M1 measure of money supply surged 39% in January, its fastest increase in at least a decade. Economists say that shows households moving money out of long-term deposits in preparation for spending it, a signal of future inflation", Andrew Batson & Dinnt McMahon at the WSJ, 12 February 2010, link:

http://online.wsj.com/article/SB10001424052748704140104575058121514846134.html.

39%! Wow. China's real estate market looks like a bubble from here.