China has in the past two years implemented measures to curb property speculation and make housing more affordable, including higher interest rates and limits on house purchases.

WSJ: China Home Prices Fall Again

That is still too fast for the government, which unexpectedly raised interest rates on October 19th and has outlined more measures to cool the market in recent weeks, including higher down-payment requirements and the introduction of a property tax in some cities.

ECONOMIST: Global house prices