Massive infusions of cash by way of the central bank, combined with runaway mass panic-buying has stampeded Chinese people into buying into the property markets in boomtowns like Shenzhen, despite the insane prices that almost guarantee that they will default on their mortgages — because they fear that rising property prices will shut them out forever if they don’t buy now, and the new rentiers who’ve speculated on all that property are cranking up rents so fast that renting is worse than buying.

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