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This photo taken on March 31, 2023 shows deserted villas in a suburb of Shenyang in China's northeastern Liaoning province. Cattle wander between the concrete shells of half-finished mansions in northeastern China, some of the only occupants of a luxury complex whose crumbling verandas and overgrown arches are stark symbols of a housing market crippled by its own excess. (Photo by Jade GAO / AFP) / TO GO WITH China-economy-housing-Shenyang, SCENE by Matthew WALSH (Photo by JADE GAO/AFP via Getty Images)

This photo taken on March 31, 2023 shows deserted villas in a suburb of Shenyang in China's northeastern Liaoning province. Cattle wander between the concrete shells of half-finished mansions in northeastern China, some of the only occupants of a luxury complex whose crumbling verandas and overgrown arches are stark symbols of a housing market crippled by its own excess. (Photo by Jade GAO / AFP) / TO GO WITH China-economy-housing-Shenyang, SCENE by Matthew WALSH (Photo by JADE GAO/AFP via Getty Images)
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AFP JADE GAO