My hope is that people who believe government should work make it work better for more of us. In tech we are pretty clearly the beneficiaries of government investment and R&D.
Current excess PRC square footage in housing inventory is enough for 100-150m people. About 10 years of urbanization headroom. This is without accounting for replacing deprecated housing stock. Reality of speculation and (mis)allocation of "ghost" developments is messy, but over next 25 years, PRC is still ~100m short on urban housing, they just also have a very wasteful 100-150m decade long housing runway that needs to be unwound in mean time.
2. It's product of PRC land finance system, local govs revenue cash cow is to raise money by developing land / RE. System got gamed/speculated to hell. 3RL finally starved process, shock left a lot of financing drama on existing projects. System slowly figuring out how to restart/finish, remember a lot of these are presales... people are waiting on their units. But the TLDR is PRC / CCP haven't figured out politically palatable way of introducing property taxes which would go a long way to replace inefficient/speculative land finance model.
Many of the roofs in the background appear to be masonry, compared to the modern tile roofing seen in the foreground, and the masonry roofs are very weathered. All of the masonry looks like it has a 200 year old patina impervious to power washing. Behind it all and only slightly taller than all of the structures, a hill that looks distinctly dug out, and which exposed dirt is the same coloras the patina on the old roofs.
mikestew•7mo ago