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China can learn from the bursting of Japan's real estate bubble

Beijing cannot count on economic growth or fiscal space to tide through crisis

| China
A property agent pitches to prospective homebuyers in Hai'an, China in 2021: Households had excess savings and a limited range of investment choices.   © FeatureChina/AP

Alicia Garcia-Herrero is chief economist for Asia-Pacific at investment bank Natixis and a senior research fellow at policy research think tank Bruegel.

As China enters its second year of real estate blues, much has been written about China Evergrande Group's default potentially marking the country's Lehman moment.

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