To add to this, I stayed in a family apartment in Wuhan for a month last year. The place had three bedrooms, a washing machine & a full kitchen in about 100 m^2. Wuhan metro is about the size of Los Angeles (20M) and the cost was maybe an eighth of LA’s price for that kind of thing. Some of that can be explained by labor cost and legitimate environmental regulations, but Americans don’t make 8x what Chinese make.