Does China have a property bubble? If so what stage is the bubble at? Will the bubble burst? These are questions that have been debated repeatedly among scholars and market observers, yet with strong divided opinions. One of the reasons for the divided views is that it seems quite difficult to agree on the facts to start with. Take the construction pace, for example. Different sources have different estimates on how many houses are currently being built by China now. GMO, for example, estimates that China has been increasingly constructing houses (expressed in floor space of million square meters) since 1999, and China might be well building more than 4.5 Billion square meters in 2011, the highest ever achieved in history. Does that sound familiar to be a precedent of a property bubble that is about to collapse? Certainly it could be a red flag if the figure is reliable.