Xi Tries to Ride a Real-Estate Tiger, and We All May Get Mauled

As Covid lockdowns and buyers’ revolts roil China’s real-estate market, Xi Jinping is attempting to ride a tiger—to maintain power while clinging to the foolhardy policies that put him in this position. But as a Chinese central banker said of the country’s real-estate bubble, the problem with riding a tiger is that if you fall off, the tiger eats you. What are the odds Mr. Xi ends up in its jaws?