There should have been a crisis a few years ago but the government has chosen to keep the bubbles from popping. $1 million for a 90 sqm apartment in Beijing that rents form $1500/month is pretty frothy.
But the CPC repealed the law of gravity, so it doesn't apply to the Chinese economy. Maybe it's really different this time. But probably not. The only question now: will they inflate the currency turning all those savers into losers, or reign in credit and bad debts, choking the economy and growth. They won't be able to just hide behind growth now.
