Chinese property developers are in dire straits. Home sales have collapsed by nearly 60 % when compared to just a year ago. But how did the once booming chinese real estate market stagnate so bad? Well, we had to take a quick detour. Back in 19 70, people in china primarily relied on agriculture. And it wasnt the roaring red dragon that we have come to know now. The government owned all land and offered people public housing systems at subsidized rents. This meant real estate as an industry could never take off.