"very cheap" - There is no need for the quote. The real estate price in China, especially in Shanghai has been skyrocketing in the past decade. The average apartment price in the city is close to 10k USD(per square meter) now.
But to Xi Jinpings credit -and I do not think he is getting enough of it- he has pricked it.
For those not actively following china. There is a big difference between the central government (Xi Jinping) and provincial and local government. In that the central government has much less control than one would think or is used to in the West.
Chinese leadership is implementing a lot of new policies which can be summarized under 'improved quality of economic growth'. So we will see how that goes. But it should have an impact on emigration.