Something to ponder:

1) China doesn't have land lock. China's land is owned by government and they are released as demand go up. That's a big risk to China's long term RE value. Japan is actually landlocked, but even that advantage didn't save Japan from bubble implosion.

2) China's property value has extremely deviated from its cash flow condition reasonably allows. Price/rent ratio has gone into unbelievable ratio. Japan didn't experience that crazy ratio even in its bubble years.

...