It doesn't, I have no idea where you're getting that from. China eliminated urban poverty over a decade ago (~2013), and rural poverty is nearly eliminated. Source.
Over the past 40 years, the number of people in China with incomes below $1.90 per day – the International Poverty Line as defined by the World Bank to track global extreme poverty– has fallen by close to 800 million. With this, China has contributed close to three-quarters of the global reduction in the number of people living in extreme poverty. At China’s current national poverty line, the number of poor fell by 770 million over the same period.
Another anti-China western source because we know white supremacists wouldn't accept any Chinese source about their poverty alleviation campaigns.
However, the people of China can afford to buy these extremely expensive properties. In fact, 90% of families in the country own their home, giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans.
China is socialist. Socialist countries can have market economies and even capitalist economies, as long as the dictatorship of the proletariat ultimately controls all of the economy. Just a reminder China's killed multiple billionaires.
Because China is capitalist, despite being formally led by a communist party. It has private property on means of production, and it is defining Chinese economy just like any other capitalist one. Socialism, by definition, requires social ownership of means of production, which is not the case in China; the term was appropriated and wrongfully used by US and several other countries to define economies with more state control and/or social policies, but this is simply not what socialism is.
Interestingly, China has entire ghost towns full of homes ready to accept people in - but, as in any capitalist economy, homes are seen as an investment, and state subsidies are low, pricing out the homeless. They have more than enough homes, they just chose to pursue a system that doesn't make homes and homeless meet.
China is demonstrably not capitalist, and people who keep repeating that it is are utterly clueless. If China was capitalist then it would be developing exactly the same way actual capitalist countries are developing. You will not see any of the following happening in a capitalist country ever
The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf
By the end of 2020, extreme poverty, defined as living on under a threshold of around $2 per day, had been eliminated in China. According to the World Bank, the Chinese government had spent $700 billion on poverty alleviation since 2014. https://www.nytimes.com/2020/12/31/world/asia/china-poverty-xi-jinping.html