@xiaohongshu@hexbear.net had a good analysis of the "housing market crisis" in China.

Iirc it was something along these lines: when China opened to foreign investment, some port and industrial cities were obviously better investments for capital, and those few cities found themselves flush with cash. Other cities, eager to get the same influx of cash, but without the lucrative investment opportunities, started selling land(?) and a real estate speculation and housing bubble emerged. But now with housing prices on the decline, the investments aren't showing returns, and that's bad for city governance? Idk, my understanding is fuzzy, but there is some nuance to running a state, who knew

Edit: it is maybe this post. Comrade writes an essay for every post and I got tired of scrolling