People who say housing is an asset and therefore it's not a problem are ignoring one key phrase there:
between one-fifth and one-quarter of the total housing stock, especially in more desirable cities—owned by speculative buyers who have no interest in either moving in or renting out.
So it's just an NFT that happens to have construction materials in it.
Real properties in China are licensed to holders by the Communist Party for a limited time, typically 70 years or so. NFTs don't have that kind of built in time out, but maybe they should.
between one-fifth and one-quarter of the total housing stock, especially in more desirable cities—owned by speculative buyers who have no interest in either moving in or renting out.
So it's just an NFT that happens to have construction materials in it.