the risks becomes very obvious.
House's intrinsic value is to meet human basic needs. Any thing beyond it bears increased risks.
Nature of economy can not be defied. Policy may alter the time component of it but can not alter the course.
It is not the housing sector that govenment is worried about it, it is the political stability that brought by unployment that really worrys them. Chinese foreign policies, monetary policies and domestic political policies, are all centered around this worry.
So housing's future will be influenced by many unforseen factors and events, domestic and foreign. I do not believe anyone including "Guru"s here can safely predict what will happen to Chinese market.