In terms of housing supply, China might have built enough overall as housing has become a major investment vehicle. Buying up second investment apartments and converting them to subsidized housing may be enough to solve overall supply.

Of course, China has to deal with the issue that housing is tied to retirement savings, so it needs to pop the housing bubble without starving those who are using their second and third apartments to find retirement.

Finally, the article doesn't mention the lack of local government funding, which is a major reason why this mess got started. The Chinese property bubble is tied to municipal debt and there isn't a mechanism for the local governments to raise money outside of real estate.