The most notable issue threatening financial stability in China over the past decade has arguably been the rapid build-up of debt across the economic sectors, leading to an overall debt-to-GDP ratio well over 300% by 2021. Even more worrying has been the fact that the dramatic increase in leverage has coincided with a trend of declining economic growth in recent years. This article examines real estate debt in China, which is one of the key components of its debt problem, as well as the