There is a mindset of used being bad in China. Don't interpret "never lived in" as "not sold". Many of these cities have been sold but no one lives there because if the house has been lived in the value will drop. Some houses being flipped now as new are actually 10 years old but no one ever moved in.
I wouldn't be too quick to call a crash. Large cities become self-sustaining after a point. Except for Detroit (where the 'city' was mostly divested of wealth in favour of surrounding suburbs), there are few examples of modern cities failing without something catastrophic causing it.
Ignoring scam developments, because they happen everywhere, there isn't much chance of a crash unless everyone rich leaves China. Look at places of very significant development, like Chongqing, has a population of 20 million and housing for about 30 million at the moment. It's marked as one of the four 'direct-controlled municipalities' and it's likely to grow further because there are few other places for young educated people to move to out of the rural areas of Southern and Central China.
This isn't a defence of China, I'm no fan, but there are realities that must be considered. Urbanization is a real process, people will move from the country to the city seeking wealth. When you start with a huge rural base, like India and China, the urbanization process will send property markets berserk.
I wouldn't be too quick to call a crash. Large cities become self-sustaining after a point. Except for Detroit (where the 'city' was mostly divested of wealth in favour of surrounding suburbs), there are few examples of modern cities failing without something catastrophic causing it.
Ignoring scam developments, because they happen everywhere, there isn't much chance of a crash unless everyone rich leaves China. Look at places of very significant development, like Chongqing, has a population of 20 million and housing for about 30 million at the moment. It's marked as one of the four 'direct-controlled municipalities' and it's likely to grow further because there are few other places for young educated people to move to out of the rural areas of Southern and Central China.
This isn't a defence of China, I'm no fan, but there are realities that must be considered. Urbanization is a real process, people will move from the country to the city seeking wealth. When you start with a huge rural base, like India and China, the urbanization process will send property markets berserk.