Due to the fallout from the Irish property bubble, the development has been delayed, with full plans expected to be available in 2013 or 2014.
UK banks were also sucked into the biggest property bubble since the 1970s.
There is also a risk of the stimulus generating inflation and a property bubble.
However, since the bursting of the Irish property bubble this process has largely stopped.
Anyone who thinks China doesn't have a property bubble should listen to those in the know.
During the property bubble, a disproportionate number of people were employed in the construction industry.
This led to an expansion of credit and a property bubble which petered out in 2007.
We need more social houses, not the inflation of another property bubble.
They already have and are suffering from a property bubble internal bad debts issues as a result.
To deflate the property bubble, Beijing must show that they are wrong.