Part 3/11:
For over two decades, the Chinese government permitted property developers to construct properties with what could be described as reckless abandon. This resulted in extensive overconstruction, ghost cities, and an economy where a staggering 70% of household wealth is tied up in real estate. The situation was epitomized by the downfall of Evergrande, a property giant that accumulated over $300 billion in debt before its implosion in 2021. The crisis further intensified with Country Garden, another real estate behemoth now on the brink of bankruptcy.