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China may have a future slowdown, property prices may moderate slightly, but there will be no bubble bursting or USA style housing market crashes.
Every day there are new millionaires and multimillionaires at the top end and more and more people entering into or enjoying an average middle class income bracket.
Sure there are ghost towns, but that's what happens when you have a central government dictate funding to local/regional governments. They are told to produce growth or don't get funding from Beijing. Of course they are going to build shit. It keeps people in jobs and produces results.
Are property prices high for average people in capital cities? Sure, but that's the same as most western countries as well, it's all relative. Can't afford to buy city central? Move out into the suburbs.
Here on the island of Hainan, in the main city Sanya, a 2bedroom, 80sq meter apartment, with water views will cost you 2million RMB (18,000 to 25,000RMB) per square meter.
But if you drive 1-2hours away, the price drops massively. Down to around 5,000 - 8,000 RMB) per square meter. It's all relative.
The biggest social issue is not property, or income, or human rights (but of course it's something you can't ignore). It's the fact that there is a massive gender imbalance.
If there is one thing that keeps the government awake at night, it's the fact that there is 40 million single men, that will never get married or have a girlfriend, due to the one child policy. If shit were to kick off, it would be them first.
Source: Me, 3 years living in China, not in an expat bubble, talking to locals that don't speak English.
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