20 some years ago built huge cities to get people to move from rural and work in factories creating more wealth for the nation. Some of the new cities were successful others poorly located & stand empty or have few people.
Real estate is the only investment opportunity for the Chinese people. They don’t have access to foreign investment & the Chinese stock is risky due to the occasional CCP interference. Some people own multiple apartments. Apartments are expensive in China. But rents are very low. So people just sit on their apartments. There is cultural element also. An empty shell is worth more than a furnished apartment. Because a new purchaser would “have” to rip out the furnishings as hey could be infect with bad ju ju of previous owner.
Real Estate used to have unlimited access to funds. No longer. Existing RE corporations are highly leveraged. More Evergrandes are likely.
Perhaps the empty units could utilize to house the increasing number of the elderly?
If the China economy craters what happens to Chinese EV manufacturers?
2 good videos at the link that would take 20 minutes of your time.