Commentary The news of the financial crisis of real estate giant Evergrande Group is a shock to China’s consumers. Its shares took a serial decline in the Hong Kong stock market. Consequently, it drew the attention of Wall Street investors. How long can Evergrande last? Is it the beginning of China’s real estate industry slipping into crisis after more than two decades of prosperous development? I’d like to offer a few perspectives and analysis. Boom and Bust of China’s Real Estate China’s economic growth and prosperity in the past 20 years mainly relied on the booming of exports and construction projects. China became a member of the World Trade Organization (WTO) in 2001. The surge of foreign capital flowing into China has since brought its export growth to more than 25 percent annually. The booming of exports drove Chinese economic growth for 10 years. While the regime enjoyed economic growth, …