The end of the con in China: Andy Xie

``When creditors don't foreclose, the bursting of a bubble occurs in slow motion. In China's case, the primary market dominates property sales. When banks don't force developers to repay loans on time, they have incentives not to cut prices and prefer to accept slow sales. As all developers behave in such a way, the market doesn't see prices crashing, but instead volume crashing. This is exactly what is happening in China.''