While everyone is glad to put 2009 behind them, 2010 could be an even tougher economic year for China. To climb out of the global contraction, Beijing has engineered a property bubble characterized by oversupply in commercial real estate and unsustainable price gains for residential property. The consequences of this will bite in the new year. To soak up and justify this excess, China's leaders are trying to stoke demand by accelerating the already epic urbanization trend, reducing constraints on migration and urban registration. The leadership is betting on the connection between accelerated urbanization and consumption,...