Part 5/12:
The crisis extends beyond social welfare into the realm of real estate, a sector deeply intertwined with local government revenues. As China’s property prices decline nationwide—including in Shanghai—the government’s response has been to suppress negative voices rather than address underlying market issues.
In March, the Shanghai Cyberspace Administration intensified efforts to control the narrative about the housing market by ordering deletion of more than 900 posts deemed illegal or misleading. They also summoned content creators for questioning and banned 98 real estate accounts, citing the need to prevent undue panic or misinformation that might threaten market stability. Content relating to potential housing crashes or fake low-priced listings was systematically removed.