Paul Krugman has worried about this also. From Foreign Affairs:
In a few cities, such as coastal Wenzhou and coal-rich Ordos, the collapse in property prices has sparked a full-blown credit crisis, with reports of ruined businessmen leaping off building rooftops; some are fleeing the country.
I have been writing about Our Monkey Brains, but so far no one has been interested. The general consensus is that if we ignore our problems – they will go away, all by themselves.