Most Chinamen have payed off housing. If
40% Americans didn't have to spend more than 35% of their income on housing, then we could have a competitive industrial sector.
Your wilful ignorance of the Chinese housing market is appalling. China has a
per capita GDP of ~12,000 across a population of 1.4 billion people, yet housing prices easily outstrips their income several times over. I'm not even talking about large metropolises like Beijing, Shanghai, or Shenzhen either. This extends even into third-tier cities in dirt-poor provinces like Huizhou and Guangxi. The reason why you see such a high "ownership" rate of
leased flats in China is for two reasons:
a) The lack of proper social safety nets, even the most basic ones like unemployment insurance and health insurance, means that the Chinese have become stringent savers. You have three generations of people (grandparents, parents, and their only child) pooling together their collective savings to buy these leased apartments, often when they haven't even been built yet.
b) Real estate, prior to the Evergrande collapse in 2020, was the
only safe asset class Chinese people could invest in. The stock markets in China are heavily rigged and have crashed several times, cryptocurrency of all kinds were banned by the Xi Jinping administration, and bonds from Chinese state-owned banks are borderline worthless. That's also why many Han Chinese people resorted to speculation by buying second or even third homes on margin in literal wastelands they never intended to move into. When the real estate bubble popped in 2020, it created a massive deflationary spiral that's still ongoing. Most Han Chinese are now trapped in situations where they're on the hook for mortgages worth hundreds of thousands of US dollars while their property values are halving basically every day.
@The Ugly One is correct insofar as shit building materials being used, but what's not often spoken about is that insane demand for real estate forced corners to be cut and shortcuts to be taken. This is
despite the fact that prices for a sweatbox in a concrete husk in China are easily more expensive than a proper house here in the USA. Holy fucking shit, I get it: America sucks, but
praising the communist Chinamen to own the Amerimutts is a level of retarded that's unfathomable. How do you
function?