It is a culture with strong superstitions. Many things Chinese believe are often times hard for us in the West to wrap our heads around.
A new house in China is like a shiny new pair of shoes. Nobody want's to buy or rent used shoes unless it is absolutely necessary.
Once any of these units are occupied the resale value crashes no matter how much it is fixed up to look like new.
This is especially true when so many thousands of never been lived in units are nearby.
Investors have no problems living in 'old dirty shoes' while storing their new ones in a box on a shelf.
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