Last summer, I wrote a brief article about how China’s property sector is, structurally, a bubble. And as with all bubbles, policymakers are equipped with a toolkit limited to delaying, mitigating, or perhaps even changing (genco.substack.com/p/the-great-financial-reset-of-2009) the inevitable “burst”. And while Beijing has done a mostly admirable job over the past decade of delaying the debt crisis, a sort-of countdown to D-day has begun.