Stephen Roach does not seem to understand what a bubble is. He makes the same arguments in dismissing China’s property bubble that we heard in the US, regarding “solid demand”. Please consider China’s Housing Market Isn’t Overheating, Roach Says The property boom in China isn’t a bubble because it’s supported by “solid” demand for residential housing, according to Stephen Roach, chairman of Morgan Stanley Asia Ltd. While portions of the real-estate market such as high-end …

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Stephen Roach says China’s Housing Boom is Not a Bubble; I say "Nonsense"