Too little attention is paid to the real estate market in China. It needs a massive correction.
This is a pretty crappy comparison. The top 4 cities in Japan account for 13-14% of the population, when you take the respective municipalities/metro areas (Tokyo + Yokohama are in the same group), they account for more than
50% of the population. On the other hand, the top 4 cities in China account for around 6% of the population, and their metro areas account for about 7-8%. The scale is not comparable - in the case of Japan, it meant that almost half of the population could not afford housing. For China, it might even help to push people away from the megapoli to "smaller" cities and rural areas which was one of the goals of the Chinese government to create a more equal development.
That being said, the problem obviously exists (not as dramatic as the Western propaganda pictures it) and the recent "crackdown" on property companies is one of the attempts to deflate the bubble. Considering that the prices stopped rising and iirc even started falling, evidently the government is more or less successful but the prices need to be brought down even further - the range of 20-30 should be acceptable for the largest cities.
