They don't even know what an asset bubble is.
An asset bubble has 2 parts: asset mispricing and leveraged speculation. China doesn't have leveraged speculation; everything is paid for in cold hard cash. The down payments on the homes are monstrously high, up to 50%, and most times they're just straight up bought.
Housing prices have been gaining at 10% a year, equal to wage growth. In contrast, US house prices gained at 30% per year in the bubble days with a decline in real wages. Simultaneously, the US lowered down payment requirements, such that people with very low income were buying mansions, such that hte only way they possibly had of repaying their loans is through an asset appreciation.
Whats funny is all these "economists" are seeing bubbles everywhere except the most obvious one: US treasury bonds. They're also not telling us how gold is being bought up by India and China at a furious pace.
It is like a car salesman trying to sell you a Ford, but when you ask what car he drives, "I drive a Honda." But he insists that Fords are the safest, greatest, most profitable investment car in the world. Never mind that it just got hit with a safety downgrade, and its price just skyrocketed.