well,we have started a very complicated topic here...
by looking at the stastic figures about china, it can be scary sometimes partly related to its massive population. in 2019,china has more than 65M homes sitting empty nationwide, roughly more than one fifth vacant homes.if
a community with 80% occuipied we might not call it is a ghost town, but ofc, we can't use these numbers this way. while these numbers might looks interesting. we can look at the other side of the pacific ocean. japan. japan has about 125M of population, the vacant home in japan called akiya, in 2018, they recorded 8.49 million akiya . then the chinese has still on the very progressing of urbanisation meanwhile, japan as a developed country, those vacant home actrully has no people to fill in.
before 2000, china mostly has no house market at all, in a roughly two decades of time, they push people into the cities, started a massive house market, all happens so fast and a gigantic scale.these vacant homes actrully been bought and wait to be sell in the after market, it is the products of homes are served as a way of investment.
anyway, there is some areas of china is problematic in this matter , that is the north east provinces. they are producing the domestic migration sources. they are losing residents. that is where might start some sort of crisis if they keep building new homes. and if you look at north west, the house markets actrully just hit the beginning. more will be build.