It will be very hard to predict what the real estate market in China will do in the future with an economy so tighty controlled by many factors.  I do not see a bubble burst.  and I do segment that market into three different ones.  The high end (your future villa is in this one), the middle ground and the low end. 

The Government will not allow a rapid increase in price at the low end, must keep the masses happy, so will force developers to build units for low end income at low cost (small profit margins).  The middle sector will suffer the worst, prices will continue to increase as a trade off for building low income.  And on the high end there are not that many rich people around yet, so it is either self regulatory, or the current excess will increase more, and they will stop building then until demand rises again.

every one hate chinese house price except the real estate and local goverment. the common people want the price down and the centeral goverment also made some plan to restrain the higher price. so far, it is look like the centeral goverment got a little achievement.

but it is impossible that the house pirce will collapse, because the most young couple still can not afford a new house, and more and more children grown,  the need is strong, so the house price only could have some waved.