The real estate market is so, so incredibly tightly tied in to the social stability of the country that I have a hard time imagining the government not doing whatever they had to in order to prevent a “collapse” from happening.
There was a horde of people outside of a rim-of-chengdu development that dropped its price from like 10k to 8k in a month, and all the people who had already bought a month earlier at 10k were furious and started a protest type thing that made news, imagine a COLLAPSE. The whole country would wtfplode, and the rich who lose so much would no longer be so protective and supportive of the gov’t that made them rich when the cash dries up. Don’t underestimate the party’s will to survive, fellas. 😀