How property-hungry Chinese millennials and shadow banking could fuel a financial crisis

China's household debt has surged again after the Covid-10 pandemic was brought under control in May, driven by bets on property prices rising. By the end of 2020, household debt could reach 150 per cent of disposable income. Moreover, the debt seems to be concentrated among millennials. This generation may be collectively betting on the government keeping property prices rising for many years to come. If the government cannot keep this assumed promise, a financial crisis is likely. China's…