Debunking bubble economies - China pt2

This report is almost one month old, but it looks like not enough people heard about it: At Least Half of Apartments in Shanghai, Beijing Are Vacant:

Bloomberg News - Aug 17, 2010
At least half of the apartments in Shanghai and Beijing are empty, the China Daily reported today, citing an online investigation by volunteers conducted in 100 Chinese cities.

About 51 percent of Shanghai apartments, 66 percent of Beijing flats and more than 70 percent of units in Hainan are vacant, according to the survey, based on counting the number of apartments observed to have no lights on at night. It was conducted on more than 1,000 real-estate projects and was organized by news website Sina.com., according to the report.
[...]
Of more than 10,000 online users in the survey, 91.1 percent said the number of unoccupied properties is high in their cities.

Property prices in 70 major Chinese cities climbed 10.3 percent in July from a year earlier, the slowest pace in six months, the statistics bureau’s newspaper, China Information News, reported Aug. 10.