I initially titled it 'if .... were in the US', but then find it more appropriate to use Mexico.
in terms of population density, jobs/income levels, education/healthcare/public services, Mexico City is probably the North America city most comparable to a major city in China.
you can see that's how much properties are over valued with the current exchange rates.
someday the valuations will have to converge.... either house prices in beijing/shanghai will have to drop by 80%... or if the price doesn't drop in RMB terms, then the currency will have to devalue by 80%, which means $1 = 35RMB.
won't see that overnight, but market forces eventually win... always.
