60 Minutes

Season 45 Episode 21

March 3, 2013 - The Life and Death of Clay Hunt, China's Real Estate Mogul, China's Real Estate Bubble

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Aired Sunday 7:00 PM Mar 03, 2013 on CBS
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March 3, 2013 - The Life and Death of Clay Hunt, China's Real Estate Mogul, China's Real Estate Bubble
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Last year, more active duty military personnel committed suicide than lost their lives in combat, an alarming trend which also impacts veterans. Byron Pitts profiles one such man, Clay Hunt, a Marine combat veteran wounded in battle and later diagnosed with Post Traumatic Stress Disorder (PTSD) and depression. Hunt, who helped other struggling veterans come to terms with with illness and the experiences of war, lost his own battle and committed suicide.
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Lesley Stahl talks to the fifth richest self-made billionaire woman in the world, Zhang Xin. Zhang, one of China's largest developers of office space, discusses her business empire and her country and its hope for what most Chinese yearn for: democracy.
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In the second part of her report on the Chinese real estate, Lesley Stahl focuses on the residential market. She travels to 'ghost cities,' which features miles of empty residential dwellings. She speaks to a successful real estate developer about the bubble that has been created by the over-building. A burst bubble, like in America, could produce a debt crisis that may grind the world's second largest economy to a stop.

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    • TRIVIA (0)

    • QUOTES (2)

      • Zhang Xin: You know, I have to say, for a Chinese living in China, Chinese, if you ask one thing everyone crave for, is what? It's not food, it's not home, everyone crave for democracy. (Lesley smiles) I know there's a lot of negativites in the U.S. about the political system, but don't forget, 8,000 miles away, people in China are looking at it - longing for it.
        Lesley Stahl: Do you think there will be democracy here, let's say, I'm going to put a time frame on it, in 20 years?
        Zhang Xin: Sooner.
        Lesley Stahl: You're an optimist!
        Zhang Xin: I am!

      • Lesley Stahl: What about corruption though?
        Zhang Xin: Corruption is, is everywhere in China. It's really quite widespread. Pretty much whoever has power is in the position to be corrupt.
        Lesley Stahl: So they expect you to pay them off?
        Zhang Xin: To pay them off.

    • NOTES (2)

      • At the conclusion of the program, Bob Simon presented an update on the October 7, 2012 segment Rodriguez. A documentary on his life entitled Searching for Sugar Man won the Oscar for best documentary at the 2013 Academy Awards.

      • The Life and Death of Clay Hunt
        Produced by: David Schneider
        .
        China's Real Estate Mogul
        Produced by: Shachar Bar-On
        Edited by: Terry Manning
        Camera: Robert Goldsborough, Aaron Tomlinson
        Sound: Matthew Magratten, Guadalupe Mejia
        Associate Producer: Alexandra Poolos
        Broadcast Associate: Maria Rutan
        .
        China's Real Estate Bubble
        Produced by: Shachar Bar-On
        Produced by: Shachar Bar-On
        Edited by: Terry Manning
        Camera: Robert Goldsborough, Aaron Tomlinson
        Sound: Matthew Magratten, Guadalupe Mejia
        Associate Producer: Alexandra Poolos
        Broadcast Associate: Maria Rutan
        Video from: Charles Lanceplaine
        .
        Additional Credits:
        Video from: Team Rubicon, MTVU half of US Campaign, Sony Pictures
        Music from: Sony Legacy Recordings / Light in the Attic

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