To put it mildly, most of the world's economies are drowning in debt. China is not immune to this and if the Chinese government has to bail out it's banks you will see a financial crisis like in the USA in 2008.

A sub-prime housing disaster is also on the cards. Many Chinese have borrowed huge sums of money and have very little equity in their new apartments and will be wiped out if interest rates go up.

The difference between China's housing market and others is that cities like Sydney, London, New York, LA, are very mature, old, and well established markets that are resiliant and can bounce back faster.

China is not like this.

For those who think it can't happen remember what happened to the Japanese in 1990, and they are by far the most intelligent race of people on this planet.