There are a few more factors that are unique to China's situation:

- New construction condos are a better investment proposition than in the West because (1) there's no property tax, and (2) other types of investments are less reliable (e.g., stock market is rigged) - There's a cultural aversion to 'used' things, which explains why an investor might prefer to let a condo sit empty instead of rent it out. - Because they're seen as an investment, some new construction is actually built with the intention of selling directly to investors.