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cities build large buildings, to attract more residents, financed through govt debt.

Local govt heavily relies on income from land leases to build high-rise residential buildings. They need increased expansion of land leases for cash flow. Builders buy leases, pass cost to home buyers. Empty homes plentiful but home prices don't / can't drop.

To attract more people to buy homes to pay for land leases to run the local govt, local govt builds more large buildings.

scmp.com/business/money/money-

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