Insanely low, but not nonexistent. In a country with a fraction of the population of China.
Say you'd built a skyscraper, and a few years afterwards someone offered you enough money to make out with a hefty profit because real estate is booming and you're occupying a prime location. Would you sell?
Prior to my current role I worked in institutional multifamily brokerage. One of the assets I was selling was 50 years (mid rise) and it still wasn't worth bulldozing since it is less expensive to renovate and rent is highly coorelated to price/sf.
There are no examples of what you are talking about that I can think of. There are cases where short mid-rises are bulldozed for ultra high density, but the math makes it very rare circumstances and none that I know of would be 10 or 20 year old buildings. We are talking 50 year+ buildings.
Say you'd built a skyscraper, and a few years afterwards someone offered you enough money to make out with a hefty profit because real estate is booming and you're occupying a prime location. Would you sell?