There are signs that China may not be doing as well economically as it claims to be, and those signs are: skyscrapers. According to a study by Barclays Capital, the building of skyscrapers over the last 140 years is a sure indicator of an imminent crash. The construction boom that produced both New York’s Chrysler and Empire State buildings preceded the crash of 1929, which led to the Great Depression.
More recently, Dubai built a large number of tall office buildings, hotels and apartment buildings, including the world’s tallest building. Then the country’s economy crashed and in 2010, Dubai had to be bailed out by its neighbor, Abu Dhabi. Half of the world’s skyscrapers that are currently being built are being constructed in China.
India may be in trouble, as well: While it has only two skyscrapers right now, the country is in the process of building 14 more, sincluding the the go-ahead to its first skyscraper building boom, with 14 under way, including the world’s second-tallest tower.
In the Guardian, Philip Inman quotes financial expert Andrew Lawrence as saying, "Building booms are a sign of excess credit."
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