the high savings rate in China is a myth from 2004. In 2017, people poured all their savings into their kids/other relatives real estate purchases (which itself is a bubble). And the young people have credit card debts and no savings.
Real estate investments are a store of wealth, ie a savings product. Real estate investments are one of the few vehicles to store wealth other than relatively basic accounts that are available to a broad swath of consumers.
Yes, tell that to Greek citizens that were buying houses for 300k and now their value is less than 100k for the same house. Real estate is not a store of wealth, this has been proven many times in the past in several countries.
I agree though that the prices on real estate are more stable than any cryptocurrency.
I didn't say they were good stores of wealth. I said people use them as stores of wealth. I making a descriptive claim, and you are making a normative one.