Will have to get two putts to do it. That should be enough for mcilroy. Nick this is right on sergios line. Jim the only thing that could cost him the title now is he forgets to put that back. Nick highly unlikely. He seems to be control of the situation today. I love the way its a little more than aggressive, isnt it . Theres a freedom to be that aggressive. To stand up and the confidence this is a narrow golf course. Think about trying to beat this guy on a slightly wider golf course. Good luck. Like we say, if he keeps this Just Brilliant form, hes going to be the number one favorite into all the majors for the next five years or more. Jim hes going to be a strong one for the coming days, thats for sure, as we all head to valhalla and the pga. And then, of course, at augusta eight months out hell be going for the career grand slam. And sergio nudges it up there inside of a foot, which will secure him solo second. Nick yeah, its tough. The reads werent quite the same. A couple of strokes werent quite the same. Jim just one birdie on the day. It came at the ninth. Got him back even with mcilroy at that time and eight pars and a bogey coming home. Its going to be a round of 6 once he knocks this one in. Nick he set a lofty goal of 63 but didnt need it. Jim and look who returns to number one. Ory mcilroy at his brilliant best again. Nick keep that one. No, thats his tradition. Jim david . David thank you very much, jim, rory. The open championship, the bridgestone invitational world championship. You have to feel pretty good going into the pga championship. Oh, yeah, yeah, what im really proud of this week is just following up the open with a performance like this. I said straight after i didnt want any letdown, i wanted to just keep going and performing well until the end of the season. Its great to come to one of my favorite tournaments of the world. I love the golf course here in akron, and to perform like this, im pretty satisfied. David well, congratulations on another great win. We look forward to seeing you next week. Thanks. David thanks, rory. Jim now we head to horse country. Not that far from churchill downs. Hell go for a little triple crown. Open championship, world Golf Championship and a pga in three consecutive tournaments. Nick hes the 50 million thoroughbred. Jim he is. Nick sure is, isnt he . Its the 100 million, whatever the top prize is, i dont know. Jim there are the fedexcup standings after this competition. Rory, 66. To take it by two. Sir nick, cant wait for the next week. Nick thank you, james. Yeah, it will be great. Jim folks, well see you from valhalla and louisville, kentucky, and the pga championship. And well be watching rory mcilroy. He is on some kind of roll. He takes another title here in front of the worlds best players. Hi. Sorry, were closed. What . I need help with my deposit. The bank has rules. Its really quick. I cant hear you. I promise, im gonna be really quick. I dont under. I cant hear you through the glass. Ill. Be. Quick youll be quick. Thats what you just said . Yes. Im sorry, i cant hear you. Were closed. You know what . Okay, thats. Hey. Sir . I just. Okay. [ male announcer ] its time to bank human again. Thats why td bank has the longest hours and even stays open an extra ten minutes for when you run late. Td bank. Americas most convenient bank. For when you run late. How big is acmes anniboy its huge its acmes anniversary sale. This week get hot or lean pockets, 0. 99 each. Pepsi 2 liters just 0. 79. And Frito Lay Party size chips, 2. 99 each. Dont miss our biggest sale ever boy hey mom look what i found. Acme. This sale is huge captioning funded by cbs and ford stahl financial analysts around the world fear china might be sitting on the biggest real estate bubble in human history. Wheres the proof . We found what are known as ghost cities. Look at these brand new towers with no residents, desolate condos and vacant subdivisions uninhabited for miles and miles. And miles. Simon you have been called an evil genius. Yes, yes, i have. Simon hes talking about Wolfgang Beltracchi, a forger so brilliant that, for decades, he made millions while his paintings were hung in museums around the world. But his brilliance wasnt that he could copy a rembrandt or a cezanne; its that he imagined paintings they might have done, even shot fake photographs to document them. See that woman in front of those paintings . Shes beltracchis wife and partner in crime. There was no commercially sold hot sauce before tabasco. Edmund invented the category. Gupta that would make this the first family of hot sauce. laughs that sounds real good. Gupta the first family of hot sauce turned tabasco into one of the oldest and largest familyowned businesses in the country. Im looking at the color. And thats why ive got an incandescent light. I want to look at the color, i want to look at the seed. Just let it sit there for a minute. And then, the heat kicks in. Tastes like candy. Gupta tastes like candy . Smells like money. laughs kroft im steve kroft. Stahl im lesley stahl. Safer im morley safer. Simon im bob simon. Pelley im scott pelley. Those stories tonight on 60 minutes. Lets show em what a breakfast with whole grain fiber can do. One coffee with room, one large mocha latte, medium macchiato, a light hot chocolate hold the whip, two espressos. Make one a double. Shes full and focused. [ barista ] i have two cappuccinos, one coffee with room, one large mocha latte, a medium macchiato, a light hot chocolate hold the whip, and two espressos one with a double shot. Heh, heh. Thats not the coffee talkin. [ female announcer ] start your day with kelloggs frosted mini wheats cereal. With whole wheat goodness on one side and a hint of sweetness on the other, its a delicious way to get the nutrition you want. Its a delicious way while a body in motion tends to stay in motion. Staying active can ease arthritis symptoms. But if you have arthritis, this can be difficult. Prescription celebrex can help relieve arthritis pain, and improve daily physical function so moving is easier. Because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain. And its not a narcotic. You and your doctor should balance the benefits with the risks. All prescription nsaids, like celebrex, ibuprofen, naproxen and meloxicam have the same cardiovascular warning. They all may increase the chance of heart attack or stroke, which can lead to death. This chance increases if you have Heart Disease or risk factors such as high Blood Pressure or when nsaids are taken for long periods. Nsaids, like celebrex, increase the chance of serious skin or allergic reactions, or stomach and intestine problems, such as bleeding and ulcers, which can occur without warning and may cause death. Patients also taking aspirin and the elderly are at increased risk for stomach bleeding and ulcers. Dont take celebrex if you have bleeding in the stomach or intestine, or had an asthma attack, hives, other allergies to aspirin, nsaids or sulfonamides. Get help right away if you have swelling of the face or throat, or trouble breathing. Tell your doctor your medical history and ask your doctor about celebrex. For a body in motion. Looks like were about to board. Mmhmm. Im just comparing Car Insurance rates at progressive. Com. Is that where they show the other guys rates, too . Mmhmm. Cool. Yeah. Hi. Final boarding call for flight 294. [ bells ring on sign ] [ vehicle beeping ] whos ready for the garlic festival . This guy bringing our competitors rates to you now, thats progressive. Stahl for three decades, china had been nothing short of a financial miracle, a state controlled economy that managed to navigate its way out of the tatters of communism to become the worlds second largest, deftly managed by Government Policies and decrees. But now, many in the financial world are looking nervously at china. Thats because one sector chinese authorities concentrated on was real estate and construction and, as we first reported in march last year, that may have created the largest housing bubble in human history. If you go to china, its easy to see why theres all the talk of a bubble. We discovered that the most populated nation on earth is building houses, districts and cities with no one in them. So, this is zhengzhou, and we are on the major highway or the major road, and its rush hour. Gillem tulloch yeah. Stahl and its almost empty. Gillem tulloch is a Hong Kong Based financial analyst who was one of the first to draw attention to the housing bubble in china. Hes showing us around the new Eastern District of zhengzhou in one of the most populated provinces in china, not that youd know it. We found what they call a ghost city of new towers with no residents, desolate condos, and vacant subdivisions, uninhabited for miles and miles and miles and miles of empty apartments. Why are they empty . Ive heard that they have actually been sold. Tulloch theyve all been sold. Theyve all been sold. Stahl theyve all been sold . Theyre owned. Tulloch absolutely. Stahl owned by people in chinas emerging middle class who now have enough money to invest but few ways to do it; theyre not allowed to invest abroad, banks offer paltry returns, and the stock market is a roller coaster. But 16 years ago, the government changed its policy and allowed people to buy their own homes, and the flood gates opened. Tulloch so what they do is they invest in property, because property prices have always gone up by more than inflation. Stahl and they believe it will always go up . Tulloch yeah, just like they believed in the u. S. Stahl actually, Property Values have doubled, tripled and more, so people in the middle class have sunk every last penny into buying five, even ten apartments, fueling a building bonanza unprecedented in human history. No nation has ever built so much so fast. How important is real estate to the chinese economy . Is it central . Tulloch yes. Its the main driver of growth and has been for the last few years. Some estimates have it as high as 20 or 30 of the whole economy. Stahl but theyre not just building housing, theyre building cities. Tulloch yes. Thats right. Stahl giant cities being built with people not coming to live here. Tulloch yes. I think theyre building somewhere between 12 and 24 new cities every single year. Stahl unlike our Market Driven economy, in china, its the government that has spent some 2 trillion to get these cities built, as a way of keeping the economy growing. The assumption is, if you build it, theyll come. But no ones coming. This is really completely, totally empty and it goes up. Gillem took us to this Shopping Mall thats been standing vacant for three years. Can i find this all over china . Tulloch yes, you can. Theyve simply built too much infrastructure too quickly. Stahl but i see kfc behind you. I see starbucks over there. I see some other very recognizable american franchises coming in here. At least they. Does that mean they have faith that this is going to ignite . Tulloch no, these are all fake signs, just to get potential buyers the impression of what it might look like if they moved in. Stahl theyre not real . So, kfc didnt buy this space or rent this space . Tulloch no, they havent. Stahl starbucks . Tulloch no. Stahl they just put the sign up . Tulloch thats right. Stahl its all makebelieve nonexistent supply for nonexistent demand. Look at that swarovski, piaget. Theyre hoping for high end, too. Tulloch h m. Zara. Stahl laughs and its all potemkin. Tulloch yeah. Stahl its surreal and its everywhere, like the city of ordos in mongolia built for a Million People who didnt show up. And no, youre not in england. Youre in thames town, a Development Near shanghai built like an english village. Tulloch and it was finished, i think, around five or six years ago. And it must have cost close to a billion u. S. Dollars. And youll see, its Still Standing there empty. Stahl well, ive heard that there is some industry there or some business, one business there. Tulloch marriage. Stahl wedding pictures and whats more uplifting than a wedding, or ten . You can see these empty developments on the edge of almost every city in china. What about the idea that china is urbanizing . People are flooding into cities or want to, anyway, by the hundreds of millions. And that this really is a smart move build the housing to accommodate the urbanization process. Tulloch well, so, people are being moved into the cities. But that doesnt necessarily mean that they can afford these apartments which, you know, cost u. S. 100,000 or whatever. I mean, these are poor people moving into the cities, so theyre building the wrong sort of apartments. Stahl and whats worse to build all these massive cities, theyve had to tear down what was there before, clearing rice fields and displacing, by some counts, tens of millions of villagers. On the edge of zhengzhou, gillem and i came upon a strange sight. Im just watching what theyre doing. Do you have any idea . Tulloch i think theyre trying to recycle the bricks. Stahl these villagers are salvaging whats left of their homes, bulldozed to make room for more empty condos already encroaching in the distance. There are all these empty apartments over here. Can they conceivably move into those upscale places . Tulloch most people in china live on about less than 2 a day. And these apartments probably cost upwards of 50,000 or 60,000 u. S. , so its very unlikely. Stahl what will happen to them, do you think . Tulloch theyll be forced to relocate somewhere. I have no idea where theyll go. Stahl these are the immediate casualties of the building boom. And theres another problem analysts warn that all this building has created a bubble that could burst. So, if the bubble bursts, whos left holding the bag . Tulloch there are multiple classes of people that are going to get wiped out by this people who have invested three generations worth of savings so grandparents, parents and children into properties will see their savings evaporate. And then, of course, theres 50 Million Construction workers who are working on all these projects around china. Stahl the prognosis of a bubble about to burst isnt only coming from financial gloomand doomers. We heard it from the most unlikely source. Are you the biggest home builder in the world . Wang shi i think. Maybe. Stahl you may be . Wang yes. Only the quantity, not quality. Stahl wang shi is modest, but his company, vanke, is a multibilliondollar real estate empire, building more homes than anyone in china. He was born on the frontlines of communism and joined the red army. But he secretly read forbidden books about capitalism, so that when china liberalized its economy, he rushed to the frontlines of the free market. Even he thinks todays situation is out of control. Are homes in china too expensive today . Wang yeah. Stahl heres a number that i saw. A typical apartment in shanghai costs about 45 times the average residents annual salary. Wang even higher, even higher. Stahl what does that mean for your economy if its just too expensive for the vast majority of people to buy . Wang i think that dangerous. Stahl dangerous. Wang thats the bubble, so i think thats the problem. Stahl is there a bubble . Wang yes, of course. Stahl there is a bubble, and the issue is will it burst or not . Thats the big issue. Wang yes, if that bubble. Thats a disaster. Stahl if it burst . Wang if it burst, thats a disaster. Stahl to try and prevent the disaster, the Chinese Government decided to act. Heard of their onechild policy . Since 2011, china has had what amounts to a oneapartment policy, where its very hard to buy more than one apartment in major cities. Because of this, prices plunged. The bubble was being tamed. And yet, the taming was creating all kinds of unintended consequences. Are Many Developers in debt . Wang yes, yes. Stahl and are many stopping development in the middle of projects because they dont have the money to go forward . Wang yeah, thats problem. Thats a huge problem. Stahl a problem because the slowing down of construction led to a downturn in the overall economy. Unfinished projects dot china, and not just apartment buildings. Look at this. Can you believe it . Analyst anne stephensonyang, who has traveled across china, showed us a giant project all but abandoned in the port city of tianjin with concrete skeletons as far as the eye can see. The plan is to build a new financial district to rival manhattan, including a Lincoln Center and a world trade center, only taller. But it all seems frozen. Anne stephensonyang theres supposed to be a Rockefeller Center here. I hope they have a christmas tree, too. Skating rink. Stahl city officials told us everything stopped because Developers Want to build all the facades at once to match. But on the ground, we heard a different explanation. Workers told us that many of these buildings havent had any work done on them for weeks, months, as if the Developers Just dont have the money to go on. Stephensonyang its true. You see that happen first. The Migrant Workers will go home. Thats often the first sign that the debt crisis is starting. Stahl the debt crisis . Stephensonyang well, when you stop paying your bills, then everything stops. Stahl it could become a debt crisis because of the huge loans most of the developers took out. If they cant repay them, the whole economy will seize up. The governments great fear is that all this could lead to social unrest, and thats not hypothetical; when regulations caused property prices to drop, it infuriated all those homeowners who watched the value of their nest eggs plummet. And theres already been some demonstrations over real estate around the country. Wang yes. Stahl have you had demonstrations against your showrooms anywhere, youre company . Wang often stahl so often, wang shi shudders to think what would happen if the bubble actually burst. Wang if that bubble break, that maybe who know what will happened . Maybe that. Maybe the next arabic spring. Stahl arabic spring. You mean people coming out and demonstrating. Wang mmhmm. Stahl a lot of economists say that its too big for even this government to control. Wang mmhmm. I believe that top leaders have enough smart to deal with that. I hope stahl youre doing this. Wang but thats uncertain. Stahl meanwhile, people who can afford it are still buying as much real estate as they can. Theyre even finding ways around the oneapartment restriction in big cities. Cant b