Is the Chinese economy about to implode? [HEAT]

It has long been obvious that China is in the midst of a housing bubble. However, the bubble could be about to burst according to new numbers from the Beijing commercial residential market, which point to a +30% crash in prices.

http://www.capitalvue.com/home/CE-news/inset/@10063/post/1185337

This does not appear to be the only problem that China has on its hands, though. China's economy is geared towards exports and its largest importer is the Eurozone. Can the Chinese economy handle the fall in exports, which will likely be the result of the austerity measures that are about to be implemented in several Eurozone countries? Can China take this "double whammy"?

For more, see: http://globaleconomicanalysis.blogspot.com/2010/05/canaries-in-coalmine-china-asia-not.html