I read the the other day that the Chicoms have some 10 million mostly finished luxury homes that are ghost towns now that are separate from the older projects that went belly up. The animals are taking over. It’s even worse than the Evergreen mess from a couple years ago as bankers have pulled out and the (much fraud) financing is history.
We were in China in 2016. Both Changchun and Harbin had huge buildings empty. At night there you could only see a few with electric lights on.
One big issue with China is that NO ONE can own land except the government. Even the high rises are on long-term leases, typically 20-70 years. A person or business can own the building on top of that land, but the land is government owned.
The one rule to follow with China is, "If the news is good, ratchet it down a notch or two. And if the news is bad, you can ratchet it up 3-4 notches."
If there is bad news coming out of China, you can bet the problem is much worse.