China's real estate crash is now in its fifth year, and the question has quietly changed. It's no longer "when does housing recover?" It's what fills the hole it leaves behind. This episode takes stock of how deep the damage runs: over sixty major developers in default, housing's share of the economy cut in half, eighty million homes sitting empty, and household savings piling up because the apartments that represented most families' wealth have lost much of their value.

The fallout goes well beyond the property market itself — local governments that relied on land sales to fund schools and roads are running short, banks are quietly rolling over loans that probably won't be repaid, and China's record trade surplus is partly a symptom of a domestic economy that's consuming less and exporting more to compensate. Beijing is managing a slow retreat, not a rescue. We close with three frameworks for what this means going forward: a more export-heavy growth model, a Japan-style slow grind through unrecognised losses, and a gradual centralisation of where credit and policy support actually flow.