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China's real estate market went 'KABOOM!'. It started popping back in '22, so it's been going for 3 years now. Whether it blew up because it was due to pop, or because of Chairman Xi Jinping's iron fist (철퇴), I don't know, but either way, it went 'KABOOM!'.

I thought maybe this was the bottom, but recently the situation seems to be getting more serious. Evergrande was smashed to pieces ages ago, and recently, 'Vanke,' a blue-chip company that used to have a 'model student' image, is also reportedly facing a default crisis. They are waiting for a crucial decision from the creditors at the end of December.

Besides Beijing and Shanghai, tons of Tier 2 cities have seen prices cut in half. Since the common folk are in a panic and nobody is buying houses, even blue-chip real estate companies seem to be folding one by one.

Even Xi Jinping seems to have grasped the severity of the situation. They say he repealed most existing regulations and desperately switched to stimulus measures, but it looks like the medicine isn't taking effect.

Seeing all that makes me think how long and well Gangnam (in Korea) is holding up~