🚨🇨🇳 CHINA’S REAL ESTATE JUST HIT ITS LOWEST LEVEL SINCE 2005.

The index peaked at 114 in 2021.
Today it sits at 86.
That’s a 25% collapse in four years.
Real estate wasn’t just another sector.
It was 25% of China’s entire GDP.
70% of household wealth was tied directly to property.
That wealth is now being permanently destroyed, on a scale never seen before.
For decades, local governments funded themselves almost entirely through land sales.
That revenue source has collapsed.
Local government debt now stands at $18.9 TRILLION.
Two thirds of all new borrowing is being used just to service old debt.
Meanwhile:
• 80 million homes sit empty with no buyers in sight.
• Evergrande collapsed with $300 billion in liabilities and got liquidated.
• China Vanke is desperately fighting to avoid the same fate.
Beijing has officially declared the old model dead:
High debt. High leverage. High turnover.
Buried. Without a replacement ready.
This isn’t a housing correction.
This is the largest ongoing wealth destruction event in the world right now.
Western markets are pricing in almost none of it.
The second order effects haven’t even started.