To consider that the politburo has multi-year plans, downsides of encouraging speculation would have been identified long ago, yet willfully ignored to capitalize on investment until market sentiment shifted and a response became necessary.

True, certain areas will depreciate in a shorter timescale. I guess what will play out is a continuation of an illiquid, overinflated market in larger municipalities. If values drop ~40% that'd be popping the bubble, otherwise it's walking a tightrope to stem stagflation.