What most economists ignore about the Chinese property market is the large scale urbanization taking place. There will always be a large demand for houses in big cities because so many Chinese are moving from the country to urban areas. There will never be a bubble because demand will always rise, at least in the foreseeable future.
Almost every aspect of life is cyclical. Seasons come and go, calendars start over after a certain amount of days, and more noticeably the sun rises and sets everyday. This same cyclical nature is apparent throughout all economic markets. Where there is a rise there is most definitely a fall, and the Chinese property bubble is no exception.