Local Government, Economic Stress and the Decline in Real Estate?

There's an intimate link. Despite the fact that we talk about, you know, Chinese industrial policies and all these great tech companies in China, these tech and industrial companies only benefit a small handful of cities in China. And so for those governments, what they need to do is to sell land to property developers, property developers, build the land. So using current and future land sales as a way to finance infrastructure building is the main economic motto for the majority of cities inChina. The problem, of course, recently is because of the leveraging policies and COVID lockdown, property sales have been negative for quite a few months now. And then that means land sales have completely dropped off, you