I heard a talk by a high ranking government economist late last year describing how the govt aims to freeze the real estate market, making it near impossible to sell flats while maintaining wildly inflated prices, constraining supply&increasing occupancy by promoting renting.
Was crystal clear that the real estate bubble is a fundamental financial risk. The govt's plan to deflate it might work but describing it as the act of financial brinkmanship of the decade doesn't seem inappropriate.
Basically you have to maintain the illusion that apts are worth their fantastical sticker prices AND will continue to go up so only a fool would sell BUT you could sell anytime you wanted IF anyone ever wanted to sell.
And can only happen if construction slows dramatically. Which would deprive local govts of a major source of revenue and tank the steel, cement sectors as well as construction jobs.
