how did that sort of grow?

Yeah.

So the Chinese housing market was created in the late '90s, so it's a fairly young market.

And at the time when the nationwide housing market was created, China was experiencing very fast urbanization.

Hundreds of millions people moved from the countryside to cities, and household income was also growing very rapidly.

So of course, with more people living in cities and people's income were growing so rapidly, people wanted to not only to live in their own homes, but also to upgrade for those who already owned, right? Upgrade to better quality, better location homes.

So there was indeed very strong residential demand.

What does that mean for China's economy more broadly? Like, how big of a deal is this in the next, maybe, I don't know, 10 years?