Part 2/9:
Gordon Chan, who famously forecast the coming collapse of the Chinese economy back in 2001, was viewed as a contrarian voice amidst a sea of growing optimism. China was in the midst of a massive economic transformation, joining the World Trade Organization and experiencing a surge of industrial growth and infrastructure development. As skyscrapers began to rise and factories boomed, many dismissed Chan's warnings as overblown fearmongering. They pointed to increasing home prices as evidence of a thriving market.