https://www.wsj.com/articles/china-property-real-estate-boom-covid-pandemic-bubble-11594908517

Even the coronavirus hasn’t stopped the world’s biggest asset bubble from getting bigger. After a brief pause during coronavirus lockdowns in February, a Chinese property boom in some megacities that many thought was unsustainable has resumed its relentless upward climb, with prices rising higher and investors chasing deals despite millions of job losses and other economic problems. In March, 288 apartments in a new Shenzhen property development sold out online in less than eight minutes. A few days later, buyers snapped up more than 400 units in a new housing complex in Suzhou. In Shanghai, apartment resales neared a record high in April, by one estimate. One Saturday last month, nearly 9,000 people each put down a deposit of one million yuan ($141,300) to qualify to buy apartments in a Shenzhen development.

One of the worst outcomes of super capitalism happening in mainland China. This mimics very much like Japan before Japan's real estate asset market blew up in 80's. Capital gains are not going into good investments. This speculative money will boost up into the sky and slam hard into the ground.