There's clearly a wide divergence in opinion about the future of Chinese real estate. There are many, many overseas investors who believe a correction is due, and would be inclined to short such an instrument. At the same time, there are many Chinese rushing into purchases partly because of concern that housing prices are going to continue to rise. What we need is a method for speculators to short Chinese real estate prices. If only someone listed a futures instrument based on Chinese real estate prices. A young couple planning to get married/graduate in 3 years could buy a futures contract expiring then, and effectively "lock in" current price levels without actually purchasing a home. More importantly, foreign investors could short Chinese real estate prices and help bring some balance to the supply/demand question.