China Revives Socialist Ideas to Fix Its Real-Estate Crisis.

China's President Xi Jinping is seeking to address the country's real estate crisis by implementing socialist ideas and increasing state control over the property market. The plan involves the state buying distressed private-market projects and converting them into government-owned homes for rent or sale, as well as constructing more subsidized housing for low- and middle-income families. The goal is to increase the share of state-built housing to at least 30% of China's housing stock. However, the plan faces challenges, including the potential cost of up to $1.4 trillion and concerns about the government's ability to fund it. [Extracted from the article]