The US has a reverse issue when it comes to real estate. After 2008 we stopped building and now prices are rapidly spiraling upwards as we realize that we're playing musical chairs without places for over four million people[1] to sit.

In China it's the opposite where people have been selling houses before they are ever built, or building before anyone ever arrives, leading to very unbalanced debt issues.

So if anything the current US housing "bubble" is actually very sustainable right now because there's tons of demand for houses, so people who miss their mortgage payments are still sitting on a nice asset which the bank can repossess. In China they can't repossess many of the houses because they haven't been finished yet.[2]

[1] https://www.wsj.com/articles/u-s-housing-market-is-nearly-4-...

[2] https://www.reuters.com/world/china/unfinished-evergrande-ap...