A 70-year-old Seattle man emerged from the hospital to cheers last month after 62 days of fighting COVID-19 on his way to getting a clean bill of health. Then he received a 181-page bill for $1,122,501.04 for his stay.

In essence, urban Chinese have bet everything on their homes. They now have nearly 78% of their wealth tied up in residential property, versus 35% in the U.S., where more people invest in stocks and pensions.