You know how you avoid scarcity of housing? You build a surplus. Let’s say China has 1Bm people, what’s 1% of that? 10M. So if they built 10M vacant dwellings, they would have a 1% surplus. That’s a very small amount of surplus in the grand scheme of things especially considering the uneven distribution of populations, cultures, jobs, etc.

So in the USA, where they have more vacant dwellings than homeless people, they keep those dwellings off the market and make sure prices stay high and build new dwellings primarily at the upper end of the economic strata. Meanwhile in China there’s little to no homelessness.

So no. There is no real estate crisis in China because you are defining a real estate crisis as speculators who locked up their money in housing investments losing their profits. China defines a real estate crisis as people living in tent cities under highways in major cities with a huge amount of money.

Real estate in China isn’t how Chinese people retire. It isn’t how the petite bourgeoisie scheme to extract rent for the least amount of effort possible. Real estate in China is about housing people.