Does China Have A Real Estate Bubble and A Banking Crisis?

Krugman smells problems in China's economy. He doesn't trust official data from China, and he can't find China experts who agree about what's happening, so he is only speculating on possible problems. The problems that he smells are similar to Japan's earlier problems, and to those of many countries in the West. He suspects a real estate bubble and the existence of a shadow banking system that is unregulated.