The entire Chinese economy is as rigged as the government can make it. The stock and bond markets are fake, the state owned enterprises are run as fiefs of the Party-State, not for profit, all the major banks included. Nothing is trustworthy. Combine that with a property market that’s been going up for decades and a ruling class that would not be happy if the middle class that started rioting if their savings in property went up in smoke and you have a fake property market too.
As a result, Chinese money loves chasing bubbles in search of returns, like P2P lending and crypto.
There is also the continued migration from rural to urban, ensuring that demand will continue to increase for a while yet.