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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