my conjecture is that prices in China real estate market are very reasonable. They are also sustainable due to strong FA. It is all about supply and demans, in the long run.
But the room to go even higher is quite limited. The past 3 years have exhausted price potentials.
National markets are going to inch higher every year.
I like real estate in San Ya, Hai Nan. They used to be dirt cheap. Now they are concrete cheap.