given the only way to "own" land in china is by way of

a 70 year lease hold, building a "quality" flat is a smart move. hahhahaahha

well,we have started a very complicated topic here...

by looking at the stastic figures about china, it can be scary sometimes partly related to its massive population. in 2019,china has more than 65M homes sitting empty nationwide, roughly more than one fifth vacant homes.if

a community with 80% occuipied we might not call it is a ghost town, but ofc, we can't use these numbers this way. while these numbers might looks interesting. we can look at the other side of the pacific ocean. japan. japan has about 125M of population, the vacant home in japan called akiya, in 2018, they recorded 8.49 million akiya . then the chinese has still on the very progressing of urbanisation meanwhile, japan as a developed country, those vacant home actrully has no people to fill in.

before 2000, china mostly has no house market at all, in a roughly two decades of time, they push people into the cities, started a massive house market, all happens so fast and a gigantic scale.these vacant homes actrully been bought and wait to be sell in the after market, it is the products of homes are served as a way of investment.

anyway, there is some areas of china is problematic in this matter , that is the north east provinces. they are producing the domestic migration sources. they are losing residents. that is where might start some sort of crisis if they keep building new homes. and if you look at north west, the house markets actrully just hit the beginning. more will be build.

Semantics.

The "complicated topic" lies in the interdependence of China’s economy with real estate developers, as JanJal alluded to:

29% of China’s national GDP is riding on the property market.

40% of local government revenue come from land sales. Land sales make up more than half of combined national tax revenue.

30 - 40% of total loans from China’s largest banks/ financial institutions consisted of property-related loans. (Limits are being applied)

40% of household wealth are derived from real estate.

Evergrande, whose CEO was once hailed as a socialist hero and champion of urbanization, is now being thrown under the "common prosperity" train. Yet, the villagers castigating the proverbial evil witch into the fire pit may be complicit in the derailment; the governments, banks, investors seeking high interest rate returns, and homebuyers are all culpable in paving this track for over two decades.

Curbing the status quo property growth model while sustaining economic growth to alleviate poverty would require skillful tempering of the double-edged sword. We will see.

If not property, then how can China prosper and flourish? If they 'kick out'/deincentivise foreigners what is left? How will they be able to create jobs and pay salaries that are with the times? I see a bumpy road up ahead. I admire that they want to lower the property costs to make them more affordable for the average Joe but without decent jobs/wages it gonna be hard to go forward with this goal. We shall see.

Whoops, meant to down vote you. Ha.ha... Really don't think any of this is about foreigners. Something had to be done at some point, whether it will work remains to be seen.

when RESIDENTIAL property development/investment has been navigating into a ponzi scheme, the result is easy for all to see. :-) by the way, is it a proper comparison to compare japan and china when it comes to the phenomenum of "akiya"? most japanese akiya are free hold, just to mention one factor in many other differences. :-)