Getting loans is way harder/regulated in China than 06/07 US. Currently 25+% down payment or 70% for 2nd home is required. -- Comparing in 2007 banks only asks for 3% down.
China have aggressively lowered the requirements the last years. At the moment it should be 20% for first and 30% for 2nd home. Still some way to go for US levels ofc.
Prices going up for no good reason (increase in demand or decrease in supply) means there is a bubble. This is what happened in the US. Bubbles are the cause of speculation, such as building cities that sit empty.
Getting loans is way harder/regulated in China than 06/07 US. Currently 25+% down payment or 70% for 2nd home is required. -- Comparing in 2007 banks only asks for 3% down.