Comment by screye

Chinese housing demand is a unique beast.

Chinese citizens do not see stocks as a stable investment, so housing becomes the main type of investment. Housing domicile rules (Hukou system) give special rights to homeowners which incentivizes housing purchase instead of renting.

As a result, housing prices are proportionally higher in China than in the US. There is a gold-like intangibility to it.

If China also had NIMBYs alongside this system, their houses would've easily risen to the most expensive in the world.