This animation demonstrates the policy tightening effects of recent years in mainland China property markets.

Watch how the house price growth y/y across 70 major cities was changing month by month from January 2012 to August 2021. The larger the 'bubble' the greater the extent of change - green for positive, red for negative. 

It all looks so much more compressed and equalized in the recent period when you contrast that with the bigger swings in 2012-2017.