One thing not mentioned here is how much the Chinese value brand new properties. By brand new I mean, properties that have never been used/lived in.
It's a common trend in real estate where investors buy properties and leave it vacant to brag about the place being brand new to sell at a higher price in the future.
This is likely to exacerbate the "empty" cities problem in China.
Interestingly, in Japan, this preference is dealt with by building "disposable" houses with financing and a 25 year depreciating property valuation built around this concept.
It's a common trend in real estate where investors buy properties and leave it vacant to brag about the place being brand new to sell at a higher price in the future.
This is likely to exacerbate the "empty" cities problem in China.