Part 11/13:
Over 2.4 million families paid but cannot move into their homes due to halted construction.
7.4 million people are financially embroiled, unable to access their homes.
Prices have fallen to their lowest in seven years, with cities like Shenzhen experiencing declines of over 4%.
"Rotten tail" properties—half-built structures exposed to weather and decay—become a massive waste of resources, exacerbating economic distress.
South Korea and Broader Asia
South Korea’s real estate market has collapsed, exemplified by the Legoland Korea developer defaulting on $144 million in loans, unable to service debt. The country faces rising bond yields, with the 10-year government bond yield surging over 9%, a clear signal of economic stress.