nytimes.com - As the real estate market in the United States was collapsing in the mid-2000s, Wall Street went in search of new terrain, and found it in China. All across the country, from Beijing to Shenzhen, sprawling housing developments and business districts were popping up, seemingly overnight. Real estate prices were soaring. Western banks, hedge funds, private equity firms and other investors wanted a piece of the action.
Billions poured into Chinese real estate, and big foreign financial firms hunted for the next hit — the small bet that investors could ride to great heights.
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