Is China Already Overdeveloped?

Shuli: China's property sector has two stories. If you look at like a tier-west cities, like the Shanghai and Beijing, those property markets have stayed pretty firm because they are financial and commercial hubs where everyone wants to go. I mean, China's urbanization rate has stopped. President Xi Jinping actually doesn't want so many people in like a smaller city, right? So the property sector's biggest problems are the smaller cities, the ones that you have never heard of. They just have so much inventory. I don't know what the government is going to do about them. And then, of course, as the tech crackdown and the most recent chill that went through markets was