China absolutely has a 'housing crisis' in the sense that house prices have skyrocketed past what a good dual middle class income can possibly hope to save for.

China absolutely has a 'housing crisis' in the sense that house prices have skyrocketed past what a good dual middle class income can possibly hope to save for. First-tier city real estate has comparable price per square area as NYC, London, or the Bay Area, while the average income in China is still a third or a fourth what it is in the West.