Will be interesting to see if this goes to other markets both within China (I can't imagine Shanghai is 'decoupled' from Beijing) and where it trickles over to (Sydney? Vancouver?).
Great point. lindsayrgwatt has picked examples from Canada and Australian - the two developed markets which some see to be overpriced and which haven't yet had a painful correction.
Australian housing might have jumped the shark already - there's been lots of noise about this over the last couple of weeks. http://www.google.co.uk/search?q=australian+housing+market&#...