By comparison what happened in the early 1990s in the Tokyo real estate market (and what might happen in the Shanghai real estate market in the next few years) will rightly be seen as meaningless noise.

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He had grown up in Shanghai and had ventured into real estate just as the local market was surging.

NEWYORKER: The Grand Tour

If the real estate bubble bursts, it may produce a rerun of 2008, when the Shanghai stock market plunged about 60%.

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