As per request, references after some quick searches. I cannot edit the original comment; here's a quick list. Tax-sharing system between the central and loca

As per request, references after some quick searches. I cannot edit the original comment; here's a quick list. Tax-sharing system between the central and local governments in China. - https://www.encyclopedia.com/international/applied-and-social-sciences-magazines/chinas-tax-revenue-public-goods-and-economic-transition https://www.encyclopedia.com/international/applied-and-socia... Land ownership in China. - https://www.lehmanlaw.com/resource-centre/laws-and-regulations/general/property-rights-law-of-the-peoples-republic-of-china.html https://www.lehmanlaw.com/resource-centre/laws-and-regulatio... Government's reliance on land sales over the years. - https://www.piie.com/research/piie-charts/local-governments-china-rely-heavily-land-revenue https://www.piie.com/research/piie-charts/local-governments-... Local governments' debts related to housing. - https://en.wikipedia.org/wiki/Local_government_financing_vehicle https://en.wikipedia.org/wiki/Local_government_financing_veh... - https://www.reuters.com/world/china/debt-laden-local-governments-pose-fresh-challenges-chinas-growth-financial-2023-03-10/ https://www.reuters.com/world/china/debt-laden-local-governm... Limited banks' lending to developers. - https://therealdeal.com/national/2021/01/03/china-limits-property-loans-to-curb-housing-bubble/ https://therealdeal.com/national/2021/01/03/china-limits-pro... Housing price to income, one indicator among many on housing affordability. - https://www.numbeo.com/property-investment/rankings_by_country.jsp https://www.numbeo.com/property-investment/rankings_by_count... Vacancy info - https://www.hindawi.com/journals/complexity/2020/5104578/ https://www.hindawi.com/journals/complexity/2020/5104578/ - https://www.bloomberg.com/news/articles/2023-08-16/china-s-housing-slump-is-much-worse-than-official-data-shows#xj4y7vzkg https://www.bloomberg.com/news/articles/2023-08-16/china-s-h... - https://www.nber.org/system/files/working_papers/w25297/w25297.pdf https://www.nber.org/system/files/working_papers/w25297/w252... Housing glut - https://realmoney.thestreet.com/investing/global-equity/evergrande-s-troubles-leave-unbuilt-city-the-size-of-los-angeles-15776311 https://realmoney.thestreet.com/investing/global-equity/ever... - https://www.nytimes.com/2021/10/12/business/evergrande-homebuyers-debt-china.html https://www.nytimes.com/2021/10/12/business/evergrande-homeb... Real estate developers ran out of money. - https://www.cnn.com/2021/12/09/investing/evergrande-default-fitch-intl-hnk/index.html https://www.cnn.com/2021/12/09/investing/evergrande-default-... - https://www.cnn.com/2021/09/24/investing/china-evergrande-group-debt-explainer-intl-hnk/index.html https://www.cnn.com/2021/09/24/investing/china-evergrande-gr... - https://www.theguardian.com/world/2023/aug/18/china-property-crisis-deepens-as-developer-country-garden-at-risk-of-default-evergrande https://www.theguardian.com/world/2023/aug/18/china-property... - https://www.cnn.com/2022/07/04/economy/chinese-developer-shimao-default-intl-hnk/index.html https://www.cnn.com/2022/07/04/economy/chinese-developer-shi... - https://www.cnbc.com/2021/10/18/china-property-defaults-risks-for-other-developers-pboc-on-evergrande.html https://www.cnbc.com/2021/10/18/china-property-defaults-risk... Developer owes unpaid taxes - https://www.gnewswire.org/en/2023/08/20/chinese-real-estate-developer-soho-china-reveals-financial-crisis-with-subsidiary-owing-billions-in-taxes-48605 https://www.gnewswire.org/en/2023/08/20/chinese-real-estate-... Governments banning on price drop on home sales. Developers fined. (Run them through Google Translate.) - https://www.guancha.cn/ChanJing/2021_09_19_607837_s.shtml https://www.guancha.cn/ChanJing/2021_09_19_607837_s.shtml - https://finance.sina.com.cn/wm/2023-05-09/doc-imytcwre8764720.shtml https://finance.sina.com.cn/wm/2023-05-09/doc-imytcwre876472... - https://new.qq.com/rain/a/20230507A04S7S00 https://new.qq.com/rain/a/20230507A04S7S00 Shadow banks and investment trusts defaulting - https://www.cnn.com/2023/08/18/economy/china-zhongrong-trust-protest-intl-hnk/index.html https://www.cnn.com/2023/08/18/economy/china-zhongrong-trust... - https://www.reuters.com/business/finance/china-trust-deficit-crisis-spurs-shadow-banking-policy-response-calls-2023-08-15/ https://www.reuters.com/business/finance/china-trust-deficit... Share of housing sector in GDP. - https://scholar.harvard.edu/files/rogoff/files/the_size_of_chinas_real_estate_sector.pdf https://scholar.harvard.edu/files/rogoff/files/the_size_of_c... - https://scholar.harvard.edu/files/rogoff/files/nber_27697_peak_china_housing_1.pdf https://scholar.harvard.edu/files/rogoff/files/nber_27697_pe... Large household wealth tied up in home value - https://fortune.com/2021/12/02/chinese-real-estate-investing-home-ownership-evergrande/ https://fortune.com/2021/12/02/chinese-real-estate-investing... Homeowners stopped paying their mortgages - https://www.bbc.com/news/world-asia-china-62402961 https://www.bbc.com/news/world-asia-china-62402961 - https://www.cnn.com/2022/07/14/economy/china-property-crisis-homebuyers-bad-debt-intl-hnk/index.html https://www.cnn.com/2022/07/14/economy/china-property-crisis... Government running out of money. - https://www.hindustantimes.com/world-news/chinese-premier-li-keqiang-gives-dire-growth-warning-in-unpublished-remarks-101653617128302.html https://www.hindustantimes.com/world-news/chinese-premier-li... Government cutting salaries, pension, and services. - https://www.visiontimes.com/2022/02/02/shenzhen-civil-servants-pay-slashed-as-chinese-government-sees-fiscal-shortages.html https://www.visiontimes.com/2022/02/02/shenzhen-civil-servan... - https://www.republicworld.com/world-news/china/china-slashes-public-officials-salaries-welfare-benefits-by-up-to-25-percent-reports-articleshow.html https://www.republicworld.com/world-news/china/china-slashes... - https://www.aljazeera.com/economy/2023/5/11/chinas-cash-strapped-local-governments-cant-pay-workers-on-time https://www.aljazeera.com/economy/2023/5/11/chinas-cash-stra... - https://thehongkongpost.com/2022/02/01/china-asked-government-employees-to-return-bonuses-25-salary-cut-for-civil-servants/ https://thehongkongpost.com/2022/02/01/china-asked-governmen... - https://www.cnn.com/2023/03/31/economy/china-pension-protests-aging-society-intl-hnk/index.html https://www.cnn.com/2023/03/31/economy/china-pension-protest... - https://www.nytimes.com/2023/02/15/business/wuhan-china-protests.html https://www.nytimes.com/2023/02/15/business/wuhan-china-prot...