What does China have to lose from a real estate crash?

A lot.

This is part of an ongoing series about developments in China’s real estate market. Previous installments in the series:

1. China’s real estate trilemma (subscribers only)

2. Hexapodia XXVII: Evergrande (podcast with Brad DeLong)

3. Why China's Evergrande Crisis Could Be Worse Than the U.S. Crash (Bloomberg Opinion)

Chinese real estate is still in the news, as the E…