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.

What is "so many"? Compared to whom?

huh?

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.

https://www.forbes.com/sites/wadeshepard/2016/03/30/how-people-in-china-afford-their-outrageously-expensive-homes

If China is socialist then Lipton is tea.

Look into the country on the shallowest level. They have socialist programs but, honestly...

Not actually democratic, thus not socialist.