Global Asset Bubble Bursting?

I think the key difference is that elsewhere around the world, the asset bubble wasn't fueled by credit though I could be wrong. From what I understand Shenzhen's property values have been falling and across China, they could be set to fall further (though this is more the result of an aggressive attempt to cool property prices in China). The thesis is that the US decline in property values have triggered the fall elsewhere. I'm not so sure - a graph of foreign markets vs the US here. This is what I think some are trying to say.