Part 7/10:
The Harsh New Reality
As the situation escalates, industries that once thrived, such as international education and luxury goods, find themselves in decline. The author notes the haunting scene of graduates from top universities resorting to food delivery jobs—where even that meager pay is dwindling—highlighting the decline in living standards and aspirations of what it means to be part of Shanghai’s elite.
With soaring mortgages now a source of torment, many homeowners are defaulting, handing back properties to banks and exacerbating the housing market crisis. The once-thriving sector is now plagued by vacant listings, a stark reminder of the turn in fortunes and confidence amongst previous buyers.