>From what I've read (could be obviously wrong, as many reports we get from the "wild" east) that for people in China it is important to be able to show their p

>From what I've read (could be obviously wrong, as many reports we get from the "wild" east) that for people in China it is important to be able to show their position in the society - that's one of the reason of housing bubble; having a flat/home is a marker of being someone with rather high position. As far as homes go, it's more like homeownership is culturally considered a prerequisite to marriage. Maybe the closest equivalent in the west would be having a job, you wouldn't want your daughter to get married to a guy without a job or the means to get one, because working is part of growing up. Many well-to-do parents buy second properties to gift their children for when they are ready to get married.