China’s Ponzi-like property market is eroding faith in the government

train ride between the cities of Luoyang and Zhengzhou is a showcase of economic malaise and broken dreams. From the window, endless half-built residential towers pass one after another for the duration of the hour-long journey. Many of the buildings are near completion; some are finished and have become homes. But many more are skeletons where construction ceased long ago. Developers have run out of cash and can no longer pay workers. Projects have stalled. Families will never get their homes.