Ive never understood how or why people bought this narrative of a "housing crisis" in china, my only logical answer is its pure US propaganda and I say that cause its something the US has reference for and know is theoretically possible and bad. We are talking about a top down command economy with full governmental control over ALL aspects of the market you litteraly cant even have the concept of a housing crisis like we understand it in such a system.
What do you think is happening people are taking loans from the government backed bank to buy government controlled housing and then DEFAULTING on that? One china would just say "cant afford the morgage? guess where you dont need a house, THE SWEATSHOP, lets go" and 2 they wouldent loan to someone who dosent already have a good government approved job, you see how the whole system is self contained to almost expressly avoid the kind of pitfalls you run into in a free market? Its devoid of freedom or joy or shit like that but you dont have people giving out NINJA loans to strippers then speculating on if she pays her mortgage on time.