Chinese real estate companies are defaulting on their international bonds
en masse and CN government has shown no interest in bailing them on that end.
Better to be backed by overvalued, sketchy physical real estate than nothing at all (see also: TerraUSD).
They are backed by companies with near-zero or less than zero valuation (liabilities > assets). Many of these companies that are defaulting have no money on hand but have already sold apartments that they have not even started building yet.
They are equivalent to a crypto that the market has lost faith in (both are worth nothing).
According to Advchina, the underlying asset is of such poor quality that they will be torn down or abandoned. And from my understanding owning a property doesn’t mean you own it forever. It’s time limited by the government.