1/ There is a mainland Chinese dislike of ‘secondhand’ homes. You see the same pattern in empty London developments that have Chinese owners. To the point that there are no light fittings or paint on the wall.

2/ There aren’t that many other vehicles to put your money into. Which is one of the reasons why I think China might be looking to restrict foreign listings. Putting your money in a bank there is useless.

3/ There is a high rate of savings due to no safety net and general uncertainty. They need to make good returns given that one man would need to support (up to three kids), a wife, two sets of parents, two sets of grandparents.