On a more practical and immediate level, it crashed because of COVID. Chinese real estate companies were using new money to finish old projects, and when supply shocks and work stoppages interrupted the system, it fucked the whole thing. The government has been reacting to that crash ever since.
On a more practical and immediate level, it crashed because of COVID. Chinese real estate companies were using new money to finish old projects, and when supply shocks and work stoppages interrupted the system, it fucked the whole thing. The government has been reacting to that crash ever since.