China Property Downturn Enters 2026 as Oversupply and Local Fiscal Stress Constrain Stabilization
Source reporting indicates China elevated the property downturn to a top 2026 priority amid exceptionally high inventories, weak prices, and constrained local-government finances. Policy tools focused on project completion and inventory conversion appear to have limited net-new impact relative to the scale of oversupply, implying a prolonged and uneven adjustment.