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What's Going On with Chinese Registering Millions of Dubious Value New TLD Domains?

Internet, Domain Names & Websites For Sale / APR 3rd, 2017 2:28 pm A⁺ | a^-

The Chinese are in the process of buying 200,000 more .VIP new tld domains. That in addition to the millions of new tld's they already have acquired in several new domain endings such as .vip and .xyz etc

The big question is what's the real purpose of all these .vip (and others such as .xyz) domains in China. What are they buying them for, or planning to do with them? They seem to be basically worthless and nonsensical, with no chance of getting traffic, revenue or sales.