China is grappling with a deepening economic downturn fueled by a significant decline in consumer spending. The nation continues to be affected by the ongoing real estate crisis, which began five years ago when authorities attempted to curb an overheated property market, but has resulted in sustained drops in housing prices since August 2021. This latest month saw prices further plunge, suggesting that the market is yet to hit its bottom point. Investment in property has fallen sharply this year, and Chinese real estate giant Evergrande is facing delisting from stock exchanges after years of financial challenges. This follows a series of policy interventions aimed at reviving the economy – such as easier borrowing conditions, interest rate cuts, and attempts to adopt a Singapore-style housing model – all of which have failed to stem the market decline.