A leaked recording by the vice-chairman of Vanke Group (China’s biggest property developer), confirms, as The Telegraph’s Amrbose Evans-Pritchard reports, what the bears have been saying for months, ‘it is a dangerous bubble, and already deflating’. Mao Daqing’s words, translated, are ominous: “In 1990, Tokyo’s total land value accounts for 63.3% of US GDP, while Hong Kong reached 66.3% in 1997.