Depending on how one defines homelessness, China has either a very tiny homeless population or an extremely large one. Compared to other countries, there very few vagrants: people living on the streets of China's cities without means of support. But if one counts the people who migrated to cities without a legal permit (hukou), work as day laborers without job security or a company dormitory, and live in overcrowded and unsanitary conditions on the edge of cities, there are nearly 300 million homeless

The source of your source

300 million homeless in China? What the hell, that's like almost the entire population of the US.

Yeah no. There is no way 20% of the Chinese population is homeless. Your source is a US government website, I'm sure they're not biased about China.

The US uses vouchers, but they are underfunded (years long wait lists) and not accepted in many places. Some of the places that do accept them have similar issues to housing projects.

There is only the illusion of a market. Construction codes and lack of construction sites prevent that there is a surplus that drives down costs.