Property prices in China's first-tier cities have been soaring. In the year to September, the average property price rose 11% in China's 70 biggest cities, according to the National Bureau of Statistics. It is of great sadness as well as irony that a decent apartment is far beyond their reach for those migrant workers who have driven this nation's impressive economic growth story. In reaction, government offers loans. However, loans may help prop up growth but they could also be storing up trouble. Moreover, research notes from various international banks suggest 2017 could be the year China's debt-fuelled boom turns to bust.
