In the US, housing and real estate have been driven up significantly to the benefit of the really rich. Increased rent, and increased house cost for existing structures just ends up lining the pockets of people rich enough to get priority access to new, cheap debt issuance. Inflation benefits those who are closest to the new money creation, while screwing those furthest away. All the while, everything gets more expensive with increasing rents.

I don't know if that is also the case in China.