I live in China right now, Shenzhen. It's amazing to see how many real estate agencies there are here. Every single street corner has one, they're more prevalent than any fast food chain. Inside each agency, there are maybe four to a dozen people working. All trying to sell apartments.

One of my friends is a real estate agent. She told me recently that she and a friend had purchased a condo.

Me: Oh, so you're going to move in there soon?

Her: No, no.

Me: Oh, you're renting it out to tenants?

Her: No, no. If someone lives in it, then the value goes down. So we're going to keep it empty and then sell it next year or in a couple of years.

This cannot end well.