I live in Shanghai and the pace of residential building where I live (Minhang), has to be seen to be believed. About 200,000 2 bedroom apartments (about 1000 now, but the rest of the land has been bulldozed), are being built within a kilometer of me. From the outside it looks like they are for middle class Chinese. I suppose there will be enough demand for these, however with the way the Chinese are so bullish about economic growth, even a small hiccup could mean serious problems for people who buy now regardless of who you are.