The whole world felt the reverberations of China imposing leverage limits on its banks. Regulators there are clearly freaked out by the heat of its economy.

Meanwhile, Jim Chanos and Thomas Friedman are going back and forth about whether China is a bubble, and whether there's money to be made shorting it.

So we thought we'd adjudicate the question.

Our answer is yes, China's real estate is the most obvious bubble ever. More obvious than the Dubai bubble in fact.