Part 2/9:
In what is considered a pivotal moment for China’s real estate market, Vanke, one of the nation's leading property developers, has officially collapsed. This news, reported by the government-run Economic Observer, revealed that Vanke's CEO has been taken into police custody, while a government task force has assumed control over the company. This incident underscores the fragility and depth of the housing crisis plaguing China, a sector that once contributed significantly to economic growth but has since entered a deep debt crisis, worsened since 2021.