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.
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.