You’re exactly correct.
I’ve seen these ghost cities and malls with my own eyes.
I also saw, just a few short months ago, 30 year old engineers giggling and laughing and looking at their phones in the middle of a business meeting. I learned afterward, they were tracking their stocks... all day, every day. EVERYONE with two nickels to rub together, was investing it into the stock market. They all saw it as a quick way to “easy money”. I shuddered when I remembered the way I invested in the early 80’s.
China is new to this “freedom gig”. They’re excesses put our previous meager efforts to shame. This is going to be one large group of VERY unhappy people when it collapses... and, that sure looks to be what it happening.
The waste of commodities and resources alone to build these cities is staggering.