(Dubai's offshore World development), the ambitiously-constructed archipelago of islands shaped like the countries of the globe, is sinking back into the sea, according to evidence cited before a property tribunal.Also see Dubai may have to knock down buildings constructed during boom.
Like I've said, prices will be down 90% from peak, with many of the remaining buildings being uninhabitable. Yet Dubai will be a paradise compared to the catastrophe that will visit China over the coming years.
Update: If this is true I hope that Dubai burns to the ground, every infestor suffers a complete and total loss, and we should boycott Emirates. But something about these horror stories doesn't add up. There's no doubt in my mind that many of these people from India, Bangladesh and Pakistan are abused. But widespread slavery in Dubai? Surely word would get back that Dubai/Arabian Peninsula are very, very bad places for third world workers to be.