[RightWhale]

Mao ripped out the property corners. Have they been replaced? If not, the country is either still communist or an emerging third world country and a real estate market collapse would have no effect at all.

[TigerLikesRooster]

I think that they can be still bought and sold. It seems that nominal state ownership does not deter Chinese from believing they own the property. At least, when they sell it, I think they get most of the money, not the state.