A housing bubble in China?

Apparently, China may have its own housing bubble:

Premier Wen Jiabao pledged further measures to curb speculation in China's housing market Friday, signaling that lending to the sector would be tightened as well as the imposition of targeted taxes and stricter enforcement of real estate laws.

"We will rein in speculative housing purchases by intensifying the implementation of differentiated credit and tax policies," Wen said in his report to the annual National People's Congress in Beijing.

The government would work to improve management of land to prevent "prices from rising too fast" along with making "greater efforts" to tackle illegal land hoarding and property-price manipulation, he said.

The speech marked a step-up in Wen's rhetoric since he warned of rising property prices in December. ...

Indeed, many economists believe China's property market is inflating at a dangerously fast pace.

Prices of new homes in the urban Beijing and Shanghai areas gained by 68% and 66%, respectively, in November from a year earlier, while research by Standard Chartered in January said land prices nationwide more than doubled during 2009.

If the decline of America's housing bubble brought down the world economy, what might a decline of China's housing bubble do?