Some thoughts on the Chinese property market: how we got here and where we're going.

TL;DR: This time next year, China's real estate market is going to be an unsexy, predominantly state-controlled sector - and that's exactly what #Beijing wants.

🧵 Players in the Chinese property markets came to expect that the wild sectoral growth trajectory was somehow a given (we’ve heard that story before).

Investors, local governments, and developers got used to double-digit growth and baked that into their economic decisions.