It fits somewhat with American sunbelt cities where there is significant growth and large developers building new houses. One issue which is common across borders is that real estate was a common way for people to invest their retirement savings; wiping out a lot of the savings of people near or at retirement isn't healthy. One issue that is more local to China is that Chinese provinces and municipalities have little ability to raise taxes, so they've been using development as a way to raise money; a lot of these governments have a lot of debt and few good ways to pay it back.