The Chinese bubble is supposedly different than hours in the same way the Japanese bubble was: most of the property is already 50% paid down. They don't have 0% or 5% down loans. So, if the value of the property was twice as much as it should be and the value collapsed 50%, the banks don't really lose anything = no major crisis. The United States has the whole world paying for their QE2 and 3 through devalued currency. The RMB doesn't have that benefit any more than the Yen. But, like Japan, their obnoxiously high property values are supported by substantial down payments.