over the years, household debt has risen dramatically, and that has partially led to China tightening its policies by reducing the "issuance of securities backed by residential mortgages, expanding efforts to rein in runaway property prices and household debt," (Bloomberg News).
"Mortgage debt has been the biggest driver of the increase in household debt over the past decade and now accounts for more than half of China’s household debt. By end-2019, housing-related debt accounted for 55% of total household debt. Credit card debt in total household borrowing had also risen by seven times from 2% in 2009 to 15% in 2018."
They don't want to fall in the same position as the US did back in 2008, which I guess is smart.