The fact is that all companies wordlwide need loans to operate - the current credit crunch will take a while to be felt across all sectors. But the price companies pay for loan currently will seriously impair operations.
For now, investment banks have immediately felt the pain (they carry USD XXX Bions of credit derivatives in their books that they mark to market every quarter), but one can expect the credit crunch to invade all sectors in the nxt couple years.
Once this happens, and once China turns to more prudent economic policies after the Games, who will be there to drive up property prices up?
Not the 4,000 Merril Lynch bankers, not the 2,000 Credit SUisse bankers that were sacked...and those who still have a job will be happy to just get decent salaries, forget about those 2006-2007 bonuses that contributed to the housing bubble. (BTW, most Investment banks are on a hiring freeze)
As for wealthy private individuals, their stock portoflios are like -50/60% and are busy enough trying to protect their wealth without even thinking about flipping properties.
For those who fly airplanes, dark clouds ahead - the current oil prices will not make aviation an easy industry to work in. Suggest you rent for now i/o buying till skies get clear again.