A frenzied rush for real estate in China

"Crowds of eager buyer wait outside the sales center at Gold Bund Garden, a downtown apartment project that's still under construction. Some waited for more than 12 hours to register for a chance to buy a flat."
March 3, 2005, Shanghai Daily



The last time i saw a picture like this was investor queuing up to buy Morgan Stanley Growth Fund units in the early 90's. China and its cowboy like capitalism seems to be an effecient provider of asset bubbles. I wonder if India will follow China in a stratospheric rise in asset price. I guess there can be good supply, and tweaking with "floor space index" norms, which specifies how much construction can take place in a land space, and this will cool things here.
But i would love to see some real estate investment trust mop up money from the public and i think it would be a good idea to park some funds there.