I’ve never been fond of real estate. Once you pour your life into concrete and dirt, you’re shackled. Escape is possible, but usually only by bleeding money—and who volunteers for that? The dream is always the same: not just to claw back the investment, but to come out ahead. By the time most people realize that dream is a mirage, it’s already too late.
China understands this perfectly. Anyone who exits now is gone for good, and their departure drags others with them. The leadership knows the game is finished, so they’re squeezing every last drop while they still can—even though doing so wrecks what remains of their economic model. But the economy is irrelevant at this stage. Political survival trumps all. Being king of the rubble is still being king, and that’s all that matters.
The ruling clique is old enough to ride out the collapse. Their families have already siphoned wealth abroad. The question is: when the state runs dry, who gets squeezed hardest? Not the party elite. If you own property, and that’s true for any country, don’t bother checking the mirror—you’re already the target.