The ideology involved did not come from the Government. It was a massive scam perpetrated to some degree, no doubt, by Chinese organised crime syndicates. It is the same ideology we see here with housing - investment properties. Here we work to get some equity in the house we live in. Then we borrow against that equity to purchase an "investment property". The hope is that the rent will pay the mortgage on teh investment property and appreciation of property values will generate the money needed later in life to finance retirement. The same concept applied in China. Mums and Dads bought "off the plan", but, although the least expensive part of the building (the walls and floor) was built, the building was never fitted out to become habitable.
Have you noticed in the usual weekend news reports of housing sales that many attendees are Chinese or Indian? At least in Australia when they invest their money to buy property, it is there to be seen and to move into.