For the red bean paste: In the bowl of an Instant pot (or similar pressure cooker), wash the beans twice.
Add the water and cook on the program "Beans" for 60 minutes. Make sure the nob on your Instant Pot is pointed towards sealing.
Once done cooking, remove the lid and add the sugar.
Turn the Instant Pot to sauté to cook all the water out. This will take anywhere from 30-60 minutes depending on how much water was left in the pot. Make sure to stir constantly so that the beans do not stick to the bottom of the pot. Cook until a paste forms. This step requires lots of patience!
Allow the red bean paste to cool before wrapping the buns.
For the dough: In the bowl of an electric mixer (or just a large bowl), combine all the ingredients.
Knead on medium for 10 minutes or until a firm slightly elastic dough forms. This dough cannot be sticky or tacky at all. It's better to have a firmer dough than wet. Add flour as needed.
Cover the bowl with a damp cloth and allow to rise for 1 hour or until doubled in size.
Dump dough out onto a floured surface and cut into equal pieces (whatever size you want).
To wrap the buns, flat the dough into a circular disc. Try to make the edges slightly thinner than the center.
Place 1 spoonful of red bean paste into the center. Start to pull the dough up while pushing the filling down with your finger. Crimp the edges all around.
Allow to rest again under a damp towel for 10-20 minutes while your water comes to a boil in your steamer.
Line the steamer with parchment paper or a damp cloth. Place buns in with about a centimeter of space around each. Steam for 12 minutes. Enjoy!