China real estate has erased 20 years of gains

China’s real estate market has now erased all gains from the last 20 years.
That is not just a housing correction.
It is a full reset of one of the biggest wealth engines in the Chinese economy.
For years, property was treated as the core store of household wealth, local government financing, and credit expansion.
Now the cycle is moving in reverse.
The bigger question is how much of China’s growth model still works when real estate no longer compounds in the background.