When the Last Pillar Cracks: Vanke, China’s Property Crisis, and the Five Programs for Urban Renewal
For more than thirty years, China’s property sector functioned not merely as an economic engine but as a governing mechanism. Housing construction stabilized local finances, absorbed surplus capital, and provided a visible expression of national progress. Developers became key executors of this system, operating at the intersection of state policy, financial markets, and social expectation. […]