We have written about China's ghost towns — neighborhoods with massive new buildings not inhabited by any people. Many see this as the clear evidence of overbuilding and a housing bubble.

Yale's Stephen Roach has said, however, that China's modernization is "the greatest urbanization story the world has ever seen," and that these ghost cities will soon become "thriving metropolitan areas."

But analysts say most Chinese people can't afford the types of homes being built in the ghost cities.

China has been trying to get a grip on its property market for some time now and some say officials are in control and have been deflating the housing bubble.

However, the risks of the housing bubble evolving into a financial crisis appear to be high.

There is a new report from "60 Minutes" titled "China's real estate bubble." We've seen photos of China's ghost towns, but they are nothing compared to new video footage from "60 Minutes." Here are some screenshots of Zhengzhou from the segment.

















Wang Shi, CEO of Vanke told "60 Minutes" that developers are deep in debt. Many have abandoned projects midway through because the money dried up. He warned that if the bubble really did burst, China could see its version of the Arab Spring.

Watch the "60 Minutes" video on China's ghost cities:

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