China’s government encouraged people to own multiple homes to boost the economy. That worked for a while, but now they’ve overbuilt, and homes are sitting empty, falling apart. The housing market is turning into a house of cards.
It’s actually not more affordable. That’s what the price-to-income ratio shows.
In China, there’s a stigma against renting, so people would rather live with family than rent on their own. In other countries, people would rather rent than live with their parents.