Commentary
China’s economy is in shambles. While it is unlikely to affect Chinese Communist Party leader Xi Jinping’s bid for another term as the regime boss, the world’s No. 2 economy will have an impact on the rest of the world if it crashes and burns.
China’s real estate sector—whose importance cannot be understated in driving the country’s economic ascension over the last two decades—is broken. Many property developers have defaulted. And consumers are pushing back, refusing to pay their mortgages on unfinished housing units and even holding protests in dozens of cities across the country….