chinese property bubble?

correct me if i am wrong but are the commentators whom are spruiking that china may be in the midst of a property bubble taking into account that until 15-20 years ago most of the chinese population lived in farms and worked in rice fields??

it wasnt long ago that these people were impoverished, had little education, very few people owned a car, and few ventured to the big capital cities.

china today is vastly different. it has a booming domestic economy and is coming off such a low base that to my mind they have decades of growth to come just in order to catch up to somewhere near western civilization.

am i right or am i wrong?