How Chinese Real Estate Became the Biggest Bubble in History

In this episode of the All Thoughts Podcast, hosts Tracy Alloway and Joe Weisenthal interview Mike Bird, Wall Street editor at The Economist and author of "The Land Trap," about the global history and economics of land, focusing particularly on China's real estate market. They discuss how China's housing market evolved from company-owned dormitories to a speculative investment vehicle, influenced by Hong Kong's land leasing system and the need for local governments to generate revenue. The conversation covers land reform, the hukou system, and the three red lines policy, examining the challenges China faces in transitioning away from a real estate-dependent economy. They also explore alternative models like Singapore's, where the government actively manages housing to prioritize usage over speculation, and touch on the broader implications of land ownership and wealth distribution.