China's property market is collapsing, wiping out the middle class's savings, and it's bad news for ordinary buyers far beyond China's borders.

• About 70% of Chinese family savings are locked in property, and prices are falling as up to 100 million homes sit empty.
• The boom was propped up by a "scarcity" myth, even as China's population started shrinking and aging.
• Local governments got hooked on land sales and hid trillions in debt through off-the-books financing companies to keep building.
• Buyers paid full price up-front for homes that were never built, and giants like Evergrande and Country Garden collapsed when Beijing cut off cheap credit in 2020.
• Panicked Chinese money is now flowing into homes in cities like Los Angeles, London, and Sydney, pushing local prices out of reach.

Outlook: Expect more fallout as wealth keeps shrinking, capital keeps fleeing abroad, and Beijing pushes a fully traceable digital yuan to tighten control.