Chinese authorities face an ever-growing list of challenges — be it an ongoing trade fight with the U.S. or headwinds in domestic demand — and it appears they don't have many tools left to spur the economy amid a slowdown.
The real estate market in China has traditionally played a major role in its economic development, household wealth and public sentiment. Real estate has been used by Beijing to stimulate growth during previous downturns, including one just three years ago.
But along with a Chinese penchant for investing in houses, persistent expectations of government support sent prices and the household debt burden soaring.
That's created a delicate situation, one which analysts expect Beijing will not touch this time around, except to keep prices steady.
Household debt growth outpacing disposable income