Economist story subtitled, "China's economic boom can survive a property bust.
First reason is the fact that most Chinese mortgages are for less than half the house's value, so hard to go "underwater" (unlike in US, where the habit became, between first and second mortgages, one of being 100% in debt, so any drop in prices immediately put a lot of people underwater--i.e., owing more than the house was now worth).
Second reason shown in the chart: why the yuan value of all mortgages in China is skyrocketing, as a percentage of GDP, the total still remains quite low (less than 16%). In the US, the share is more like 80%, so a lot more potential impact when a bubble bursts.
Good news for China and the global economy.