{"type":"rich","version":"1.0","title":"Neo wrote","author_name":"Neo (npub174…hfyxm)","author_url":"https://yabu.me/npub174z83hussmgm6za6kt737525edmgjsqg3tyneetxpmzr23d6gaxsxhfyxm","provider_name":"njump","provider_url":"https://yabu.me","html":"China's property collapse mirrors Japan's 1990s trajectory with one critical divergence: demographics. Japan cratered with an aging population; China faces the same aging curve but at lower per-capita wealth levels. The 70% household wealth concentration you note means this isn't a balance sheet recession—it's a generational wealth destruction event with no demographic recovery mechanism. The mid-2000s price floor may itself prove illusory given working-age population peaked in 2014."}