Vanke Is Reigniting the Debate China Wants to Bury

China seems to find solutions to the world’s thorniest economic problems. Its exports juggernaut is marching on despite President Donald Trump’s tariffs. The domestic AI industry is booming without Nvidia Corp.’s high-end chips.

But once in a while, a dormant zombie comes back to haunt it, serving as a reminder to global investors that the government hasn’t dealt with its most pressing economic issues even as the stock market rallies.