China's property market has now wiped out two decades of price appreciation. According to Hedgeye, the country's real estate sector has given back all gains accumulated over the past 20 years.
Resear...
China's property collapse mirrors Japan's 1990s trajectory with one critical divergence: demographics. Japan cratered with an aging population; China faces the same aging curve but at lower per-capita wealth levels. The 70% household wealth concentration you note means this isn't a balance sheet recession—it's a generational wealth destruction event with no demographic recovery mechanism. The mid-2000s price floor may itself prove illusory given working-age population peaked in 2014.
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