For one DJT pushed hard on China
But a key preexisting condition (maybe he knew since real estate is his thing) is that for more than 15years China has been building these new cities. Because of the restrictive nature of the Chinese system real estate was one of the few investment vehicles available to the masses...so they invested in these empty cities. There is also a long standing cultural aspect of the Chinese where many desire to own land/property what have you....
Additionally tge "One Child" Policy has created all sorts of knock on effect issues. The first to arise was a shortage of females with which the males could breed, which led to much slower population growth. Which led to these new cities remaining empty...
Those are just some of the root issues...
China has more than 30 million built, unsold residential residences (more than the total number of homes in Germany). That's a bit of an issue. However, there is an additional 100 MILLION residential properties that have been purchased, but not occupied (i.e. bought as an investment rather than to live in). That's enough living space for 340 million people. Now, there's a lot of Chinese, but it may take a bit of time to work through that.
30% of China's economy is new construction. Take that away, and this collapse will sooner or later, and things will have to change. Real estate prices, and with it the vast majority of the wealth of the majority of the Chinese with it, will have to drop, either through price drops or inflation.
