The article explores how housing and land in China are becoming more financially driven. It shows that the financialization of housing and land are closely connected and support each other. In China, the demand for housing assets is boosted by financialization, while land financialization speeds up the supply of land to meet this demand. Together, housing and land financialization help create more properties and support the growth of capital. These processes change over time and are influenced by China's state ownership of land.