China simply can't afford a sharp drop in housing prices because it will affect investment, which will in turn damp economic growth, Mr. Ren says.

WSJ: Outspoken Real-Estate Executive Makes Few Friends Among Public

"There really are very few investment channels, " says Ren Jun, a 30-year-old media entrepreneur with investments in contemporary art, antiques, gold and silver.

WSJ: Forget Stocks��Chinese Turn Bullish On Booze and Caterpillar Fungus

"I don't miss the red-eye flights or putting on pantyhose or the stress of not being within driving distance of my 20-month-old son, "says Ren Shimada Siegel, a former Novell marketing manager who now runs a placement agency from her home.

FORBES: Entrepreneur moms

Mr. Ren, the media entrepreneur, says he is looking at diamonds.

WSJ: Forget Stocks��Chinese Turn Bullish On Booze and Caterpillar Fungus