The middle class in China has invested most or all of their savings into purchasing of second and third apartment units as investments. Most have been sitting empty. When you drive around in a major Chinese city, you will see many mirrored skyscrapers with windows that are open - they are empty and their owners don’t want to pay for the a/c. Many units do not have functioning utilities inside - those were extra costs during construction.
The buildings all charge monthly fees to owners for parking and use of the elevators, plus HOA fees.
Now demand has fallen thru the floor. Those real estate investments are losing money, and no one is buying….
Much of what has b been built and continues to be built is termed “tofu-dreg”. So poor in quality that are literally falling apart.
Win win. Plenty of available housing / Export our homeless on empty container ship returns.