PREVIEW — Fraser Howe — China's Chronic Property Market Crisis Persists Due to Government Refusal to Clear Debt. Howe explains that the Chinese government created and sustains a chronic property market crisis by refusing to permit real estate values to clear at severe discounts, unlike the U.S., which aggressively resolved its debt burden through market mechanisms. The government prevents acute price collapse, converting a short-term correction into a long-term structural drag on economic growth lasting well over five years—a millstone constraining China's broader economic performance and development capacity.