What’s unique here is both the tactic and the scale of the collective action: The boycotts have spread to at least 301 projects across 91 cities. And now some suppliers and contractors are refusing to pay their debts because money is owed to them by real-estate firms.

Bloomberg reported earlier this week that authorities are already responding, drawing up a proposal to allow buyers to temporarily halt mortgage payments on stalled projects without incurring penalties. But any response must be carefully calibrated to avoid spurring even more copycat moves that threaten to further hobble the economy.

For Xi, the timing couldn’t be worse. He’s just months away from a once-in-five-years Communist Party meeting, at which he’s expected to secure a third term in office and tout his accomplishments in improving the lives of average citizens.

While he can simply use censorship and security officials to quash any dissent, even he knows that party rhetoric can’t veer too far from reality.