Real estate madness in China

With all due respect to the People's Republic of China, few people who are not from there dream of having a luxury apartment in a no-name, remote Chinese city. 

And even fewer Chinese can afford the luxury housing units the Party is maniacally building. 

It looks like these no-win "investments" are soaking up the cash of people in China who are doing well. 
There is a problem though...

No one is living in these units and they can't be rented (certainly not to generate a worthwhile return.) Given that this massive surplus of housing is already priced light year's ahead of the personal income curve in the country, where's the upside? 

This can't possibly end well.