Chinese housing does not become cheaper during bust cycles. Instead, sales volume falls via sellers reluctant to sell and real estate companies (mostly owned by red families) reluctant to advise lower prices and less motivated to show property that is priced less. It’s an incredibly distorted market for sure, and it’s not just first tier cities that are expensive (my partner owns a villa in a tier 88 that’s supposed to be half a mil).

Unrenovated flats are mostly there for speculation purposes, think of them as gold to be traded rather than something to live in.