I agree with Chanos in the next 5 year term, but over the longer term I am not so sure.
China has great population and that population is on the economic upswing. Another CNN link focusing just on the real estate bubble.
When watching the video, the fog you see is pollution. I was in Hong Kong and saw it first hand.
There is a much longer video I posted back in Feb 2010 that is well worth the watch, and is on my new reader list. Click to watch that video.