Chinese housing demand is a unique beast. Chinese citizens do not see stocks as a stable investment, so housing becomes the main type of investment. Housing do

Chinese housing demand is a unique beast. Chinese citizens do not see stocks as a stable investment, so housing becomes the main type of investment. Housing domicile rules (Hukou system) give special rights to homeowners which incentivizes housing purchase instead of renting. As a result, housing prices are proportionally higher in China than in the US. There is a gold-like intangibility to it. If China also had NIMBYs alongside this system, their houses would've easily risen to the most expensive in the world.