For China’s landlords, rent-to-riches dreams fade in red flag for fragile economy

BEIJING--Not yet 30, Beijing office worker Li thought she was already on her way up China’s private property ladder with two apartments bought and rented out. Then came the new coronavirus, jobless tenants leaving town and a rent falloff. She’s one of millions of Chinese landlords who have bought apartments to let in a highway to the country’s growing middle class, many now facing a first slump in rental income. Analysts say there’s little prospect of widespread mortgage defaults for now, and property prices continue to grow, albeit more slowly. But the rental woes underline China’s economic fragility, with the landlord legions...