A general rule of thumb though (not a hard rule) is that if a market has a prolonged history of vacation rentals such as towns whose commerce is very dependent on tourism like beach or mountain towns, then there is a good chance than those towns have established their airBNB regulations decades ago and are likely stable.

Currently living in China - have a very stable job, decent income.

These factors contribute to a stable and expanding economy, which can drive demand for housing.

If you start buying properties in Class C neighborhoods, you can take advantage of higher and more stable rents/renters with Section 8 vouchers. 

Set a reasonable salary for yourself (based on market standards) to ensure a stable income.

He scaled with quality, going full-on luxury top-shelf.

Boring Can Be Beautiful, But Location Still WinsWhile I agree that boring markets offer steady cash flow, I’d argue that markets with a blend of stable tenant demand and tourist appeal like areas near U.S. military installations in Germany strike a better balance between cash flow and appreciation.

Shelf appears to be 7' high.

They're looking for a stable market that is gobbling up houses just after a slow period so they can still get good deals on land before it gets hot and popular again.  

Real estate serves as the foundation, generating the income needed to reinvest in initiatives that preserve cultural heritage, create jobs, and support community growth.Diversified Value CreationReal Estate Portfolio: Profits from rental income, property flips, and value-add projects fuel the system.Trade Development: Integrating businesses like plumbing companies creates a pipeline for stable, high-paying careers while addressing labor shortages.Cultural Growth: Revenue is reinvested into programs that promote education, workforce development, and cultural preservation.