Century Town, a vast property development 30km from the centre of the eastern Chinese port city of Qingdao, proclaims its “Spanish building quality” complete with archways and red tiled roofs.
But the empty apartments and falling prices evoke another side of Spain – the housing market bubble that has savaged the Mediterranean economy.
The question facing China, say analysts, is whether it will suffer a similar fate, depriving the fragile global economy of its most important growth engine and spelling the end of the past decade’s commodity boom.
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