In China, real-estate and owning a home is a big show or success in life and therefore highly desirable.
Over the years the construction sector ran rampant, building homes faster then they could be sold by banks to bidders. A lot of these homes are so shoddy, they are starting to fall appart while people are living inaide them (google “tofu-buildings” and see for yourself, its horrific).
With high ammounts of corruption and in-party dealings, China continued to overbuild, using up massive ammounts of concrete on buildings with the lifespan of an average laptop. If they would build highly efficient buildings to house the massive population with high quality and affordable rooms, that would probably justity the high us of concrete and material.
But they are not…
And here we are now, locked in a perpetual cycle of building and breaking stuff, because a lot of finances and political positions are entwined with constructionnand lland-dealings.
The CCP could intervene, they are the fake-communist authoritarian rulers after all and their word is law. Im just not sure they want to. Or know how.