Why China's real estate market is called a scam #shorts #realestate

A business man who lived in China for 10 years described the systemic failure of China’s real estate market to me like this. 30-40% of the new properties were uninhabitable. About 20% of the properties were "gifted" to government officials. The 40-50% left are marketed to home owners and 2/3 of them wouldn’t last for more than 30 years due to low quality. To protect the value of their “gifted” properties and boost investor confidence in real estate, the government mandated property prices cannot go down.
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