In 2021, the average price of real estate in China was over 10,000 yuan per square meter. Since the 1998 housing reform, property prices were rising continuously, which led to a culture of speculation among property buyers and real estate developers. Housings were treated as investments, with owners expecting the prices to grow further every year. The price bubble, and the potential long-term maintenance issues of most high-rise apartments are a concern to the long-term development of the Chinese economy.
