New Analysis After two major Chinese property developers—Evergrande and Kaisa—defaulted on their bond payments, the Chinese Communist Party (CCP) reiterated its bid to rein in its debt-ridden property market. However, experts believe that the CCP intends to turn private enterprises into state-owned entities that bolster state control. The real estate sector was one of the concerned topics discussed at China’s annual Central Economic Work Conference on Dec. 10, a key meeting where the heads of the regime mapped out economic agendas for 2022. At the meeting, China’s National Development and Reform Commission deputy director Ning Jizhe emphasized the need to reform its debt-ridden real estate sector, calling it a significant economic pillar of China. Since the beginning of 2021, Chinese real estate giants including Evergrande, Fantasia, and Kaisa have fallen into a debt crisis, and China’s “Three Red Lines Policy” has worsened the problem. The three red lines are a …