The Chinese property market is regulated by the central government. Many people in the Chinese government have personally invested in the real estate market, and they will not allow housing prices to fall. Furthermore, there is a high demand for housing in China due to the high poulation. Houses will always have buyers.
Based off of the values and ethics, or the general lack-there-of, within today's society, the Chinese Property Bubble will have a hard landing. The middle class, who tend to drive the economies of many societies, could not retain their strength within, or even closely outside, of the property bubble. Additionally, those living within the bubble will not be able to retain their standards of living with the liberties that the middle and upper-middle class provide.