Unfortunately, the reason why these were built, and who funded them are different from your assumptions.
They were funded by private Chinese individuals as a way of investing. Because of the way that the Chinese economy works, there are not analogous investment opportunities as to the states. Since these are funded by private citizens, they are the ones that will lose their investment if the units aren't filled. If it was the state taking the loss, I would agree with you that it wouldn't matter.
You make a good point. Since this was the most popular way of building wealth, the middle class was dependent on this. Since one of the strengths of any economy is buying power, and if a large number of consumers cut back because of a loss on their investments, that would hurt the economy.
I think I agree with your main point that it won't hurt the Chinese economy by a large degree because of how it is structured.