Looks like the policies* are starting to work. Good. Hopefully they can avoid "The Bubble Which Will Dwarf All Other Bubbles"
http://www.reuters.com/article/2011/04/14/us-china-property-...
http://www.reuters.com/article/2011/04/14/us-china-property-...
The problem with bubbles is there's no staying still with them. It's exponential growth or .. exponential decline.
My guess is they'll make a desperate effort to "reflate" things to avoid that scary exponential decline part. We'll see what happens.
a) real (government-issued numbers are one thing, reality is another);
b) driven by the policies (or just the bubble bursting);
c) permanent. It may be a spike caused by the timing of a measure, or a financing roll-over, or whatever.