Since 2020, Li Jiang, a veteran manufacturing entrepreneur from Guangdong, has been selling off his properties one by one – a move that once puzzled many of his friends. For decades, real estate had been the ultimate “anchor” for retirement planning and wealth transfer among China’s high-net-worth families.
At his peak, Li concentrated much of his wealth in property, owning seven assets ranging from CBD apartments to high-end suburban villas. These were intended partly for retirement and partly…