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In 2017, President Xi Jinping identified “three crucial battles” for China’s development. Chief among them was reducing financial risk. Four years later, the current state of the nation’s real estate market poses the most significant threat to China’s economic stability since the Great Recession of 2008. Real estate prices in China’s major cities are some of the most expensive in the world, and the property market has been a key driver of economic growth since the “reform and opening” period.