![George Soros warns China is facing an economic crisis](https://cdn.cnn.com/cnnnext/dam/assets/220131114600-01-george-soros-china-real-estate-super-tease.jpg)
George Soros warns China is facing an economic crisis
CNN
China is facing an economic crisis after a real estate boom ended with a bang last year, according to investor George Soros.
The billionaire said in a speech at Stanford University's Hoover Institution Monday that President Xi Jinping may not be able to restore confidence in the troubled industry, which has been hit by a series of defaults by developers and falling prices for land and apartments.
China's real estate boom was based on an "unsustainable" model that benefited local governments and encouraged people to invest the bulk of their savings in property, Soros said.
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Long before you take your high schooler on college campus tours, consider this: Shopping for college shouldn’t be any different from shopping for a home. When you want to buy a home, you come up with a range of how much you can afford and get pre-qualified for a mortgage. Then you look in neighborhoods that offer homes that meet your family’s needs and fall within your price range.
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