Youwei Fan on Instagram: "The biggest PropTech VC in the world just hit the brakes… right after claiming $1B in revenue delivered to its startups. So is Fifth Wall collapsing? Or are they running the smartest play in venture: Distribution as Strategy. Here’s the real mechanic: Fifth Wall doesn’t just invest — they plug startups into a network of real estate giants (Hines, CBRE, landlords, operators) and turn pilots into contracts. That $1B isn’t “fund returns.” It’s the aggregate revenue created

China's reformers and revolutionaries | Sun Yat-sen and Kang Youwei