First of all, the property of a house is a commodity. Commodities must have investment value. You can also say that houses are financial products, just like stocks and futures.
Secondly, the demand for houses in China is particularly strong. China's mother-in-law has promoted the development of the real estate industry. People in China always feel that they are buying their own, but not renting their own. Almost everyone will buy it, but there are many people, and the speed of building houses can't keep up with the speed of urbanization, so there is speculation. Real estate speculation is a problem of imbalance between supply and demand, just like ordinary commodities in finance.
Once again, the leverage problem, you can buy a house with a down payment of 30%, which means that you can buy three sets of money for a suite. Why not? This is completely in line with economics.
The last thing to remember is that real estate is a fixed asset, and buying real estate is a fixed asset investment. Investment behavior is very common in financial markets. This is a financial problem.