Point of no return: crunch time as China tries to fend off property crash

With the global economy also at a crossroads, Beijing's leadership faces a perilous test of nerve on its lending crackdown and zero-Covid strategy

China has reached a point of no return in its battle to contain what could be the biggest property crash the world has ever seen, experts believe, creating a perilous moment for the country's Communist leadership and the global economy.

As western countries stand on the edge of a potentially ruinous recession in the coming year, China is also facing a slump thanks to total collapse" of confidence among ordinary people in the once-buoyant housing market, the continued ravages of Beijing's draconian zero-Covid strategy and an extreme heatwave that is affecting the supply of power and food.