China’s average [property] price per square meter nationwide is quite close to the average in the US. The US’s per capita income is seven times China’s urban per capita income. The nationwide average price is about three months of salary per square meter, probably the highest in the world. As far as I can tell, a lot of properties can’t be rented out at all. Those that can bring in 3% yield, barely compensating for depreciation. The average rental yield, if one including those that can’t be rented out, is probably negligible. China’s property price doesn’t make sense from affordability or yield perspective.

[Waiting for Something to Prick China's Bubble]

Will be very interesting to watch what happens next in China. This could be the edge of a crisis. There are also some very important differences between the Chinese economy and the American economy that are important to be aware of:

US Dollar billionaires are very few in China, but families with 50M – 500M are much more common than in North America.

Meanwhile, the credit available to and purchasing power of the middle class is very limited.