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英文原文： How Real Is China’s Real Estate Bubble And What Should Be Done about It Think U.S. housing prices have gone berserk? Try those in Shanghai and Beijing, where the cost of homes has been rising an estimated 25% annually in recent years. That’s twice the jump in the median sale price of existing U.S. homes over the past year, and a sign that China’s real estate market is in the midst of what some observers view as a potentially explosive bubble. The bubble is rooted in such factors as China’s strong economic growth since 1990 and investor bets that China’s currency, the yuan, will be revalued upward in the near future. But such speculation is helping push the price of homes beyond the reach of middle class citizens in key Chinese cities and raising the prospect of a sudden market collapse that could threaten the country’s shaky banking sector and wipe out the life savings of many families. Some see the increasing involvement of U.S. investors in China -- including the recent move by Bank of America to buy a 9% stake in China Construction Bank -- as a hopeful development when it comes to calming the country’s real estate scene. And given the prospect of social unrest stemming from either continued price hikes or a too-fast price decline, the Chinese government has taken action to cool down the market. But Beijing’s efforts so far may not be enough to rein in the rising real estate prices, says Wharton marketing professor John Zhang. He warns that the government must be careful in whatever moves it makes next. “Managing the process of bursting the bubble is really something delicate,” he says. Inconsistent Data China’s real estate market is relatively new. After years of property being under the strict control of the communist government, China phased out free government-provided houses in the early 1990s. But even now, there is a legacy of the communist system. The state technically owns the country’s land: Individuals essentially buy rights to build on top o