There was enough pent up demand in the Chinese property market to fill these cities, but the national government saw overall demand would fall as early as 2021 when it started restricting some types of construction projects, like some skyscrapers and subway lines. You are also seeing some provinces adding in perks for buying property, like hokou registration.

It seems like China has mostly cought up to a lot of its demand for urban residential property. This is a problem as most municipalities and provinces have relied on property development as a way to fund local services.

The Chinese property crisis may end up being on post with the American mortgage crisis in 2007-2008. However, the Chinese crisis will look very different compared to the American one.