no people to live in them. essentially, china has a two-speed property market. one is booming and the other is languishing. they don't have the kind of mortgage and credit card problems that americans had in 2007. it was our debt that caused the problem. and the chinese national government is suddenly doing fine. the consumer is doing fine. but there are those who say china actually has a huge hidden debt problem. according to morgan stanley, china's total public and private debt has soared to more than 200% of gdp, the highest level in the developing world. points specifically to private debt, a category that includes all kinds of quasi state -- if you look at private debt, china's levels are at dangerous highs. they are higher than the peaks