Bunk? A Chinese government official admitted there were way more homes than people in China.

https://www.reuters.com/world/china/even-chinas-14-bln-popul...

Housing prices have dropped 30% so far, and the market hasn’t hit bottom. It’s creating a huge drag on people’s savings and the economy as a whole. Not to mention inflating government debt as local governments can’t sell land anymore to developers to fund local spending.