China's Property Bubble Bursts, Ending Era of Breakneck Growth
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The collapse of China's debt-driven real estate boom, epitomized by Evergrande's default, marks the end of an era of turbocharged growth in China.
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President Xi has cracked down on property speculation and debt in an effort to build a more sustainable economy focused on domestic consumer demand.
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The housing crisis has shattered confidence among consumers and homeowners, causing sales to plunge and leaving many buildings unfinished.
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Even as signs emerge of economic stabilization, the property downturn will leave scars in the form of substandard construction and oversupply.
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There are worries about broader social malaise tied to the inability of young Chinese to buy homes, summed up by the saying "No dating, no marriage, no kids, no home."