Some people are concerned about the possibility of an asset price bubble in China. I discovered that the World Bank does quarterly reports on China, and the most recent one (4MB PDF) is pretty interesting reading. The bank does not believe there is a serious bubble:
Ordos would definitely seem to be at least one data point of evidence for misallocation of resources on a only-in-China scale!
The figures from the report can be obtained here, and the figures referenced above are as follows.
On the other hand, one might argue that global institutions like the World Bank would be particularly bad at spotting bubbles, although being an outsider to the country in question has got to help.
Personally, I haven't formed a clear position yet.