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China is... huge... There will still be places with housing shortages alongside places where tons of buildings will sit empty. Still a very different scope and problem there vs here.
Either way though in the US there doesn't seem to be any sign of an oversupply problem coming in my lifetime (another 40 years if i'm lucky.)
The Chinese solution to housing shortages is to restrict (legal/official) migration between districts when housing isn't available. This has its own basket of problems. But in the end, China has (on paper, at least) solved homelessness through guaranteed residency and even home ownership. Folks who are homeless in China are most commonly rural vagrants who technically have homes back in their native districts and simply do not want to live there anymore. They are not people who have nowhere to live, because the Chinese economy has been enormously efficient at constructing dense housing stock nationwide.
By contrast, the US housing system has a surplus of housing that is entirely bound up in the speculative asset market. We have over half a million people with no legal home to reside and millions more who are living in RVs or shelters or other functionally temporary housing. Tens of millions more are renters, entirely exposed to the whims of the short-term tenant's markets, and potentially homeless in the next big wave of rental increases.
The US oversupply is largely bound up in areas of the country where industry has collapsed or social services have failed. You can find plenty of cheap housing in Flint, MI for instance. You just won't have public schools or drive-able roads or tap water you feel safe drinking.