پکن می تواند قوانین مالکیت چین را بازنویسی کند، اما نمی تواند آسیب را جبران کند

Beijing can rewrite China’s property rules, but it can’t undo the damage

Financial markets are notoriously prone to mistaking a fundamental institutional shift for a temporary liquidity crisis. The futurist Roy Amara is often credited with the observation that people tend to overestimate the short-term effect of a transformation while underestimating its long-term impact. China’s real-estate sector is furnishing a textbook case of an analogous dynamic. On August 28, Chinese housing…