China's Real Estate Market: From Boom to Bust

China's once-thriving real estate market is now in a state of crisis. The country's biggest property developer, country garden, declared that it could not pay its bondholders, causing a ripple effect across the market. This collapse can be traced back to a combination of factors, including government measures to curb an overheating market, the impact of the COVID-19 pandemic, and a shift in public sentiment. As a result, many individuals who had invested in properties are left in uncertainty, with unfinished homes and mortgages to pay. The government has introduced a whitelist of 50 developers eligible for financial support, but the long-term implications for China's economy and its search for a new driver of growth remain unclear.