Opinion: It is dangerous to underestimate China’s property crisis

Since China’s economic boom started, there has been a common saying that glamorous Tier-1 cities only make up a small part of the Chinese narrative, and that the real China secretly unfolds itself in smaller Tier-3 cities and even villages in the countryside. So, when angry Chinese homebuyers across hundreds of cities stopped their mortgage repayment on stalled presold units in July, or when a fresh group of savers started cashing in their wealth management products to pay off mor…