Not like “many other countries” but expectedly much worse: real estate has been de facto where most Chinese have been concentrating their wealth as “investment” in the absence of better local alternatives and the inability to invest abroad.
The important figure isn’t the total, but the fraction of GDP that goes into real estate, which is disproportionate in the case of China, for the reasons I mentioned, and more (another major one being the land leased by local governments to serve as their de facto revenue stream)
Not like “many other countries” but expectedly much worse: real estate has been de facto where most Chinese have been concentrating their wealth as “investment” in the absence of better local alternatives and the inability to invest abroad.
That’s a good point.
How much money, exactly, do you think is in the US property market?
How much money, specifically, from the middle class?
The important figure isn’t the total, but the fraction of GDP that goes into real estate, which is disproportionate in the case of China, for the reasons I mentioned, and more (another major one being the land leased by local governments to serve as their de facto revenue stream)