高盛：2025年中国房地产：要清除中国的住房库存需要什么（第3期）：形成正向反馈循环是关键（英文版）

In light of persistent deflationary pressure and weak demand, we look back at history to learn how the government successfully overcame such challenges in the past. Our case-study on the Shanghai property market back in the 90s provide some insights.