China's property sector showing signs of another structural crisis—similar vulnerabilities that preceded the last major downturn. When real estate starts cracking, it typically signals broader economic stress. This time, the dominoes could fall faster than expected. The property market remains a critical early warning system for systemic risk. Anyone serious about macro trends needs to watch this space closely. It's not just about housing—it's about what happens to credit cycles, debt servicing, and capital flows when a pillar asset class starts wobbling.