China’s housing bubble fuelled its spectacular growth, but is the country ready for a day of reckoning?

China’s indebted property developers are symptoms, rather than the cause, of its housing problem.The nation’s real estate boom, which started in 1999 when then premier Zhu Rongji privatised home ownership, is one of the most spectacular economic phenomena in recent history. It has profoundly changed China’s urban landscape and improved living standards for hundreds of millions of people.But it has also titled wealth towards the state and capital over labour, and, more importantly, changed the…


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