Do you remember when China consistently delivered quarterly GDP growth above 7 percent, had one of the fastest-growing stock markets in the world and minted 1 million new millionaires in only 12 months?

It is hard to believe that that was only a year ago, particularly because China has recently become what many investors fear most from an economic superpower — unpredictable. In the past few months, the country’s image of stability has fractured because of a combination of financial missteps and economic underperformance. Meanwhile, US real estate investors have been watching things unfold safely outside the impact zone of this economic malaise, treating it primarily as a peripheral issue. In all likelihood, that is the right approach — but what if it’s not?

What happened in China?

In recent months, a series of major economic events occurred in China, starting with a stock market sell-off that sparked investor concern around the globe. Af