Depends on your priorities. Does the private sector profit motive run the country’s priorities, or the socially engineered best-for-everyone affordable shelter for all?

Unless you ABSOLUTELY accept that China’s government is the second case, you will never understand China. Only American-centric publications judge economies by American (how much profit) standards, but these standards just don’t apply in China (how much social benefit).

Condo sizes are shrinking, even as their price goes up. Condos are sold by the price per square foot. They are now typically 4-500 square feet. Doesn’t take much to imagine the effects on a per-square-meter index as sales switch from 3,000 square foot mega-suburban-house to minuscule-downtown-condo.