### Highlights of the Article:
1. **Defaulted Debts by China’s Top Real Estate Developers**: Evergrande and Country Garden have defaulted on their debts, indicating deeper issues in China’s property market.
2. **Desperate Measures by Property Developers**: Desperate property developers in China are offering gifts like cars, free parking spaces, and phones to attract homebuyers amidst flagging sales.
3. **Roots of China’s Property Crisis**: The property crisis in China goes beyond speculation and debt, with deeper roots stemming from the country’s economic liberalization in the 1970s and housing reforms in the late 1980s.
### Summary:
The article delves into the current challenges faced by Chinese real estate developers, with giants like Evergrande and Country Garden defaulting on their debts. It explores the drastic measures developers are taking, such as offering gifts to boost sales, and highlights how the property market crisis in China has deep-seated origins beyond just speculative behavior and debt accumulation.
Editorial content by Jordan Fields
