Don't worry, the government will never let the crash happen. Plus they are trying "tightening" the housing now. Stagnating might be a better word: neither let price fall nor let it rise too fast.
Yeah, the US government did its damnest to prevent the housing crash in the US, and they have a lot more money and experience with markets than the Chinese do. When the Chinese bubble pops it's going to blow the social fabric of the country apart.
