the usa's debt dwarfs china's debt ..., page-8

I have three brothers living in China. They told me deposit requirement for second home purchase is 40%. I think first home is 30% deposit. They have all bought their own apartments of 100 sqm in around 2003 to 2004 and have all paid off last year so they are all debt free now. Brother No1 works for a state owned power company and his wife earns a minimum wage working for a tyre/rubber company; brother No2 works for a railway company doing repairs to passenger trains, wife an accountant. They are all very average families. Brother3 is a businessman and quite well off long paid off his high priced apartment. His business has increased revenue and more profitable than before. I phone and talk to my old classmates, both high school ones and uni ones quite often as well. Trust me, there might be, actually will be localized bubbles every now and then and these bubbles do get pricked every bow and then as well. But no serious problems as a whole. My mother just told me before the Chinese new year that the government is raising pension payment for ALL retired workers. She is happy with how things are going in China. Yes there are problems but overall things are getting better, her life is getting better, her friends and old colleagues are generally better off these days. So, when you hear a big China bubble burst, relax, and relax again!