Please refer also to the first report of the Trilogy: "Implications of the Bursting of the Chinese Real Estate Bubble. Lessons Learned from the Spanish Real Estate Crisis" published on February 8, 2023. The Chinese residential market is the largest asset class in the world, worth more than the US stock market, real estate or bonds. Its accelerated growth in prices and activity over the last 20 years has placed it in dangerous bubble territory, a bubble that began to burst at the end of 2021. It is interesting to analyse the parallels between the gestation of the Chinese real estate bubble and the Spanish bubble up to 2007 in order to also visualise China's future. This report analyses the boom and bust of the Chinese residential sector, and explains the global consequences of the bursting of the bubble, in terms of growth, commodity prices and a possible financial crisis.