Both interviews are worth watching:

First interview

Zhang Xin (a very large commercial property developer who’s company is worth $10bn)

“Office is the only property sector which is doing well”

“Residential property development in China has really come to and end.”

“Corruption is everywhere in China…whoever has power is in the position to be corrupt.”

“For a Chinese living in China…if you ask one thing everyone pray[s] for, its democracy…8000 miles away [from the US] people [in China] are looking for it [democracy], longing for it.”

From the second interview

60 minutes: “No nation has ever built so much, so fast.”

Question (Leslie Stahl): ‘How important is real estate to the Chinese economy? Is is central?”
Answer (western investment banker): “Yes, its the main driver of growth and has been for the last few years.”

Question (Leslie Stahl): “Who’s left holding the bag?”
Answer (western investment banker): “there are multiple classes of people who are going to be wiped out by this. People who have invested three generations worth of savings…will see their savings evaporate and then of course there are 50mm construction workers…”

Largest Residential Property developer in China (a $53bn real estate empire)

Question: “Are you the biggest home builder in the world?”
Answer (Wang): “Yes, maybe.”

Question (LS): “A typical apartment in Shanghai cost about 45x the average resident’s annual salary.”
Answer (Wang): “Even higher.”
[the US housing bubble price to income ratio peaked at about 6.6x…]

Question (LS): “Are homes in China too expensive today?”
Answer: (Wang): “Yes”

Question (LS): “What does that mean for your economy if its too expensive for the vast majority of people?”
Answer (Wang): “Dangerous…that’s the bubble…that’s the problem.

Question: “Is there a bubble?”
Answer: “Yes, of course…if it bursts its a disaster.”