60 million sold and empty housing units in China.

Using your supply and price equation, it must be dirt cheap to purchase a home in China, thus affording all workers a place they can afford to buy.

But that has not happened.

This is  what happens when you commodify your housing, which is what is occurring here on the west coast.  Entire condo projects here continue to be marketed overseas, and it is estimated that the city centre of Richmond has a 47% sold and vacant rate, and many other areas of metro Vancouver, especially around transit hubs, are 25-30% sold and vacant.

Supply and demand can work, should work, unless of course housing has become something else. A commodity. A safety deposit box.  Lumber and bricks only for speculation and profit.