#LondonCalling: PRC nationalizes the real estate bubble. @JosephSternberg @WSJOpinion

Photo:  Hutong  衚衕 or 胡同 (borrowing of Middle Mongolian quddug, "water well"), a type of narrow street or alley commonly associated with northern Chinese cities, especially Beijing.  Here: a hutong of yesteryear, still occupied today.

Entrance to a residence in a hutong