How is “speculation leads to crashing” mean that China is over their speculation phase? It took Japan a decade after their bubble to pop for them to completely detach from property speculation. China is basically Japan 2.0+ in this regard. Hopefully it lands at a Japanese equilibrium where property is priced more sanely, but they are definitely not there yet. My family owns a villa in a tier 88 (at least it has a HSR station and an airport now) so I have skin in this game.