China's bringing back memories of the first time home buyer credit here in the U.S.  Wasn't that a great time here in America, right up there with the cash for clunkers!  I am unsure of how a crackdown in real estate speculation and a pledging of support for first time home buyer loans can be put in the same sentence.  It would seem to me that the first time home buyer credit would lead to more speculation and prolonging of a bubble which keeps getting bigger. 

China’s Central Bank Pledges Support for Housing Market: Economy

Feb. 8 (Bloomberg) -- China’s central bank pledged support for first-home buyers as a crackdown on real-estate speculation threatens to trigger a property slump in the world’s second- biggest economy.

Officials will increase support for construction of affordable housing and ensure that “loan demand from first-home families” is met, the People’s Bank of China said on its website yesterday evening.

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