40 years of opening up and reform: How property became a driving force in the economy

The idea of private home ownership is still a relatively new concept in China. Housing distribution used to be controlled by the state and linked to employment, but as China’s economy slowed in the mid-1990s, the government turned to Meng Xiaosu, the CEO of China’s first and biggest real estate company, to suggest solutions. Meng’s ideas helped China’s property market become the largest in the world.