BUBBLES are supposed to burst with an audible pop. But in the snap and crackle of the Chinese housing market, it is hard to hear anything clearly. On June 9th the Wall Street Journal put its ear to the ground and declared that “the great property bubble of China may be popping”. It pointed out that prices had fallen by 4.9% in the year to April in niDragonomics, a consultancy. Ms Yao herself thinks a “correction” in the next six months is inevitablene big cities tracked by Rosealea Yao of GaveKal . But she argues that it is still “a bit early to say the bubble is bursting”.

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