Many of these are unfinished, people are highly in debt due to owning like 4-5 houses in different places, many of which are also unfinished by the constructor.
It’s a bubble that’s either bursting or already did and we don’t know anything about it because China.
Houses in the western world got too expensive due to these facts:
In China they’re living something similar to the 2008 crisis. Too much construction, too much debt and companies are starting to default. The bubble will burst when the government starts having trouble helping those defaulting companies.