however, i have problem with this logic:
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地方就那么大, 人又那么多, 全国的有钱人都在北京买房
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why 全国的有钱人都在北京买房? if they do not live there, why they need a house in bj? otherwise, their purpose is for speculation.
at certain point, people always try to find some "special" excuse to justify the status-quo. my famous quote is "SD has the world's best weather, everyone wants to live there (2006, USA)".
some people think china is special. however a rule is same everywhere in human history: no one wants to intentionally lose money in investment. so far, every player in china's housing bubble is a winner. there is no loser whatsoever. at some point, when the new investors can not see a potential to make money, things will unwind from that point. the speed to go down is typically double the speed of going up.
while you are boasting how much money your brother make, there are other desperate souls on the other side of the trading table. do not forget that. essentially RE is almost a zero sum game.
there are two ways for china RE to sustain:
(1) keep the bubble going up so that everyone is a winner and RE is always cheap as long as someone is willing to pay higher price.
(2) by rare chance, the vast money (most of them are printed) can indeed stimulate a revolutinary innovations in the coming short years. god knows how likely this can happen.
disclaimr, i am not sour grape. I wish china does well and i never have any interest in bj. 那地方请我免费去我都不会去。