China’s property crash is more than a story about falling home prices and troubled developers. For decades, real estate became the foundation of household wealth, local government revenue, bank lending, and national growth.

In this episode, we explain how China’s housing boom turned into a balance sheet problem — connecting families, developers, cities, banks, and the wider global economy. From unfinished apartments and debt-heavy developers to local government land sales and weak consumer confidence, this is the story of how concrete became one of China’s biggest economic risks.