It appears the recent rules designed to curb property price speculation have bitten hard, from ChinaDaily:
According to real estate research institute China Index Academy, among the 35 cities it monitors, 21 experienced a fall in transactions last week, with Hangzhou suffering the biggest drop of 72.6 percent. Property sales in Beijing, Shanghai and Shenzhen fell 45.5 percent, 32.9 percent and 63.9 percent respectively over the previous week.It will be interesting to note if this is just a pause that refreshes or if the Chinese consumer realizes the gov't will keep twisting the screws tighter until they get home prices to calm down.
The Shanghai property index can be a useful indicator to watch. If you notice it lead (or coincided with) all the previous major up and down trends from the last 3 years.
[edit: now down 3+% and breached low of Feb 3, 2010. This is not a good technical sign ]