RE: Prices are going to decline steeply because urban real estate is no longer safe, as needed, or desirable.
The interesting question is — why is money LEAVING the relatively safe cities of China?
What person in China who has accumulated a bit of wealth considers it secure under communist rule? Heretofore the law respected private property rights in the United States. You were not subject to arbitrary arrest or confiscation. Your property was protected. Local governments actually provided credible police, fire protection and sanitation. Sadly none of that is certain in Democratic controlled areas. People act accordingly. Despite Covid, lockdowns and economic recession , the demand for real estate in wealthy suburbs is increasing. Sadly the urban , wealthy Democrats who move in keep their destructive politics. They ultimately weaken the suburbs.
All urban land in China is government owned.
Rural land is held by communes.