Part 5/10:
As Shanghai’s economy relied heavily on real estate finance and middle-class consumption, the pandemic catalyzed a plunge in property values. The author noted the stark contrast between earlier years of perceived growth, where housing prices skyrocketed, and today, where properties once valued at millions are being sold for a fraction of the price. Many individuals found themselves in dire straits—stripped of the wealth they believed was secure—while unemployment rates surged, further compounding the suffering of the middle class.