Developers were allowed to slap high rises up as fast as they could (making a packet in the process) because China knew they'd need a huge amount of housing for its still growing population.

What they got are families deep in debt for overpriced, unfinished apartments they lack the funds to finish, meaning no plumbing, wiring, or anything else, just unlivable cement boxes, often of inferior construction that will crumble under its own weight before they can even think about either selling it or living in it as is, maybe installing a sink and toilet but no interior walls or anything else.

A lot of the worst construction is going to have to be demolished, probably at government expense, because it is not safe and the next earthquake will topple it and take adjacent buildings with it if they don't.

It looks like the worker's paradise is going to have to start being very choosy about who gets a permit to build anything and inspecytors are going to have to face some really serious consequences if they take bribes to sign off on "tofu block" construction.

IOW, China's got a huge problem. Demolition will be the next big growth industry, that plus prisons for all the fast money guys.