Evergrande failings expose cracks in Xi's economic model

China has an over-supply of residential property that no one wants to buy any more because consumer confidence has been wiped out by the pandemic and the country's real estate crisis. There are an estimated 1.5 million unfinished homes that investors have paid Evergrande for. This means a lot of angry investors in China and elsewhere will never get their money back from the developer. The scene of hundreds of homebuyers who stormed the lobby of the company's headquarters in Shenzhen in 2021 is just the tip of the iceberg. The collapse in property sales that began in China in…