Part 3/11:
Their research suggests that the foundations of China's real estate market have been built on an unsustainable bubble. Rising home prices, particularly in major cities like Beijing, Shenzhen, and Shanghai, have created an affordability crisis, especially for lower-income families. By 2018, the home-price-income ratios in these cities had soared to levels that were double those of London and Singapore, and triple those of New York and Tokyo.