Land is a weird asset. We need it to be affordable because everyone needs somewhere to live. But for many people, real estate is also their biggest store of wealth — a kind of national piggybank that fuels both personal fortunes and broader economies. Nowhere is that tension sharper than in China, where housing affordability remains a major challenge even as real estate has been a huge driver of wealth for households and companies alike. China's policymakers have now spent years trying to let the air out of China’s property bubble — without causing it to burst completely. In this episode, we speak with Mike Bird, The Economist’s Wall Street editor and author of the new book, The Land Trap: A New History of the World’s Oldest Asset. We talk about how much of China's economic progress has been tied up in real estate, different models of land ownership around the world, and why this particular asset is unlike any other.

Read more:
New World, Vanke Debt Moves Shake Up China’s Property Sector
CapitaLand Is Said to Mull Merging Non-China Assets With Mapletree

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Land is a weird asset. We need it to be affordable because everyone needs somewhere to live. But for many people, real estate is also their biggest store of wealth &mdash; a kind of national piggybank that fuels both personal fortunes and broader economies. Nowhere is that tension sharper than in China, where housing affordability remains a major challenge even as real estate has been a huge driver of wealth for households and companies alike. China's policymakers have now spent years trying to let the air out of China&rsquo;s property bubble &mdash; without causing it to burst completely. In this episode, we speak with Mike Bird, The Economist&rsquo;s Wall Street editor and author of the new book, <a href="https://www.penguinrandomhouse.com/books/753001/the-land-trap-by-mike-bird/" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">The Land Trap: A New History of the World&rsquo;s Oldest Asset</a>. We talk about how much of China's economic progress has been tied up in real estate, different models of land ownership around the world, and why this particular asset is unlike any other.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-11-04/new-world-vanke-debt-moves-shake-up-china-s-property-sector?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">New World, Vanke Debt Moves Shake Up China&rsquo;s Property Sector</a> <a href="https://www.bloomberg.com/news/articles/2025-11-07/capitaland-is-said-to-mull-merging-non-china-assets-with-mapletree?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">CapitaLand Is Said to Mull Merging Non-China Assets With Mapletree</a>
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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

How Chinese Real Estate Became the Biggest Bubble in History

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/cf8e4c04-6093-49a5-aab0-b38e01524617/transcript

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