中央不兜底，國企也要自負盈虧，但胡錦濤說維穩第一。全國正在頂尖晶片供應鏈攻堅階段，要跨越Middle Income Trap，先要循序漸進平抑房價，提高生產力競爭力。房價降溫舒壓必須是建設性的，任何破壞性無序減價戰是禁止的。恆大不是許家印一人的事，是全國房改階段性勝利。許家印下馬，恆大由專業團隊管理，以市場方式理順恐慌，是合乎國家利益的。股換債是可行手段，等待形勢明朗後才把股份有序地回流市場便可成功。
会不会变活死人? Owners of properties cant sell because buyers can't get financing, and are not allowed to sell their assets at a discount for fear of triggering a systemic collapse of prices (有价无市) . That means they can't have access to liquidity needed for other economic endeavour , what if they just 躺平 and stop paying their mortgages? If Chinese in general are allowed to invest in quality overseas stocks and bonds then the extra liquidity created from the 3 rounds of quantitative easing can be partly stored in these instruments instead of invested in real estate and gave rise to the current bubble. At the same time they can't devalue the RMB to lure foreign investment because devaluation may cause imported inflation and drive up the cost of their US dollar debt.
