What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.

Chanos (born 1957) is an American hedge fund manager and is president and founder of Kynikos Associates a New York City investment company that is focused on short selling. He questioned the stability of Chinese economy stating that historically analogous evidence points especially to a housing bubble mentioning commercial real estate in particular. James S.

James S. Chanos (born 1957) is an American hedge fund manager and is president and founder of Kynikos Associates a New York City investment company that is focused on short selling.