PRC is still urbanizing ("growing"). Old people from rural PRC gets "resettled". PRC trying to urbanize from 65%->80%/85%. They're going to have to if they wan

PRC is still urbanizing ("growing"). Old people from rural PRC gets "resettled". PRC trying to urbanize from 65%->80%/85%. They're going to have to if they want any services anyway. Most of the excess housing just right outside of cities. That's 200-300m people that still needs urban dwellings. Current excess square footage enough 100-150m people, about 10 years of headroom. This is without accounting for deprecated housing stock. Yes reality of speculation and (mis)allocation is much messier, but PRC is still 100-150m short on urban housing. For reference 80% urbanized US is short on ~6M homes, that's 2% relative to population. PRC is short 7-10% relative to urbanization targets and popluation.