After two decades’ investment-mania in real estate, China simply has built too many luxury five-star hotels, ugly skyscrapers, empty shopping malls, imposing government office buildings, and high-end condominiums. As a country with per capita income of $6,700, China’s home ownership has surpassed 80 percent, dwarfing the U.S.’s 65 percent, let alone Germany’s 40 percent. This is a massive misallocation of resources.