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Slightly different in China.  The property crisis involves many parties,  the banks,  the buyers, the developers, the local governments and uncompleted housings whereas the US one involves mainly the banks and the buyers.  It is more complicated and complex for the case in China.

I'm inclined to agree with you. The housing problem would have gotten worse if the govt didn't do anything to nip it in the bud. I heard what had been going on on the grapevine. Astronomically large amount of financing for housing developments were approved by powerful financiers and big fat bankers who got a cut of the financing. And the already-wealthy real estate developers were flushed with borrowed money.

The inevitable happened - a great masses of buyers were aghast when they were left with uncompleted properties and mortgages to pay off. The last I heard, the head honchos of several leading banks and housing development corporations were brought to face criminal charges of grave financial wrongdoings. I have every confidence the Chinese regulators are able to rectify the situation and deal with the housing crisis.