Is China Heading Towards A Housing Bust?

The Wall Street Journal is reporting on Chinese "ghost cities" with 20-story high rises that have only a few occupants, and where developers are offering discounts as high as 40 percent to entice buyers.

According to data from Nomura Holdings, more than 40 percent of these mid-size cities have seen housing prices fall in recent months. This, in the world's second largest economy.