I have a horrible bit of prejudice myself -- if more people had played SimCity 2000 15 years ago, you wouldn't get this.
Weirder yet, this demand for empty housing investment is a driving factor in new development. Contractors build new condos with the intent of selling them to investors so they can sit empty.
So the consequence is that Chinese cities are filled with these things that look like condominiums, but are actually brick-and-mortar savings accounts that just occupy space and look pretty.
As the yuan strengthens, $900 a month will become $2700/month soon enough. The Chinese will be able to buy more with their yuan, and this may spur economic development in some areas (while taking a toll on export sectors I guess).
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