I don't know. The more I read about countries like China and Cuba, the more I realize I really have no idea what's going on or how things work over there. And it's not like it is easy to find unbiased information.

In China they have rules that aggressively favor owner-occupiers.

Eg if you want to buy a second property you need to pay 60% cash up front and can only borrow 40%, and for a third or subsequent property you can’t get a mortgage and need to pay cash.

This means being a speculator in existing housing stock isn’t attractive since it locks up so much capital - and so speculators have instead invested in new builds which is why there has been a bubble in construction, but at least it means for the existing housing stock is largely an owner-occupier market.

There are also special funds specifically for saving for a house, kind of similar to a 401k, that you can put your money into as a savings account and your employer has to match your contributions.