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15% lower than it's all time 2022 peak right now

It fits somewhat with American sunbelt cities where there is significant growth and large developers building new houses. One issue which is common across borders is that real estate was a common way for people to invest their retirement savings; wiping out a lot of the savings of people near or at retirement isn't healthy. One issue that is more local to China is that Chinese provinces and municipalities have little ability to raise taxes, so they've been using development as a way to raise money; a lot of these governments have a lot of debt and few good ways to pay it back.

If you just bought (assuming standard 30 yr mortgage), all you have to do is hold through it. Refinance if that becomes favorable.

The only losers are those who are free and clear or toward the end of their mortgage AND looking to utilize the equity they built up, OR anyone looking to sell. The solution is time, which can kinda suck, but it's vastly preferable to not having a place to live.

why? yiu bought a home to live in right ? you can still live in it. thet they're now cheaper for other folks who couldn't afford a home before, is a good thing.

A few years ago in China a guy went viral on billibilli (their version of YouTube) for covering how hard it was to be retired in China. The CCP took his Channel away and censored him. Funnily enough in the years since the CCP has made strides in increasing the payout of their social security system.

So they censored him and then responded to the criticism anyway.

Honestly --minus the censorship-- I wish the US would handle it this way. Stop relying on 401ks and housing value to backstop peoples retirement and increase social security payouts. The elderly have earned their right to take a break from the grind of capitalism. They should be relaxing and passing on what they've learned from their time on earth to the next generation.

There was another thing the Chinese did to landlords that we could try too

accurate representation of an average lemmy.zip user.

Yes I know all that, bubbles result in stupid projects and poor quality, and banks stupidly believing growth will continue, so loaning to buy a house is easy. that's the same here. I know how bubbles work.
But China has had an economic growth rate on an average of 10% many years of that period, it's slowed down a bit in recent years but is still high.
But let's say 15 years with 10% growth, that means the economy has grown 4 times in 15 years!!
So it's crazy that prices fall back to less than when the economy was only 25% of what it is now.
Your description doesn't explain that.

You’re also not truly buying the land, because private land ownership is illegal in China. Instead, you’re buying land usage rights for a long period (usually 70 years). Then it gets returned to the state (or the local farming collective, if you’re in a rural area that is managed locally) after your lease is up.

Basically, you can own your house, (the materials used to build it, the items inside of it, etc), but not the land it is built on. So after that 70 year lease is up, you (or more likely, your descendants) will need to either move off the land or sign a new land use contract with the applicable government (either local or state level).

And there’s always a chance that the government goes “actually we need to use that land for the public interest” and they can refuse to re-sign the lease. Maybe they want to turn it into a public park, or build a railway through the area, or use it for extra farmland. The same way the US government can seize an American’s land via eminent domain, the Chinese government can revoke a land use agreement.