But Japan has a population crumble, a long LONG tradition of home price devaluation (earthquakes destroy everything, why build super high quality stuff and why maintain, after 10 years your protection is more fragile or obsolete) and prices are extremely low.

In China, they had a speculative bubble sure, but what s gonna kill the market is that in 20 years a lot less young people will exist to even buy the houses, like in Japan.