A cheerful look at China's housing crisis

It is always a pleasure to read a well-informed article on China, like this one on the real estate crisis in China by the Financial Times.
In the beginning I feared this would be another "China will fall apart" piece, like I have seen them before. The problems in the real estate are huge, so much is clear, as the government tries to stop the fast growth of the past few years and the fallout of the US markets might also have their effect. But the conclusions are remarkable relaxed and far away from the traditional fear mongering media use to beef up their circulation.

“The next phase for the sector is consolidation, rather than bankruptcy,” says Mark Lo, a credit analyst at BNP Paribas in Hong Kong. “The better names will simply buy projects from, or enter joint ventures with, the companies that have liquidity problems.”