The cracks in China's property sector keep widening. Vanke's mounting debt troubles, combined with the sudden blackout of sales figures and tightened information controls, paint a worrying picture. These aren't isolated incidents—they're symptoms of deeper instability. When a major developer struggles and transparency vanishes, it signals that authorities might be bracing for worse outcomes. For anyone tracking global macro risks, this matters. Property distress in the world's second-largest economy doesn't stay contained—it ripples through credit markets, commodities, and investor sentiment worldwide. The question isn't whether things look bad, but how much worse they might get before we see the bottom.