Chinese socialist revolution before Mao's leadership is pretty legit. Chen Duxiu, Li Dazhao, are all real socialists, they truely cares about the worker and envisions a better future for China.
So no revolution at all? 95% of the critical mass and anything that can be called a large scale revolution (with organizational successes of the masses) happened in China in the 30s and had little to do with Chen Duxiu and Li Dazhao previous work ,no matter how admirable. The CPC almost died and was built back up multiple times by the time Mao succeeded and Mao was vital in that. You cant get more legit than revolution under Mao. Under probably the worst odds and situation any communist party and revolution had to face they endured, made correct and miraculous choices and political and military manuvers at every turn and won, uplifting and liberating hundreds of millions of peasants and women. No Mao, no successfull revolution in China and no emancipation of the masses. Good luck doing the long march and outmanuvering the KMT from the countryside by amassing immense support with Chen Duxiu's ideas about the peasantry.
Chen Duxiu, Li Dazhao may have envisioned a better socialist future for China but they were and would have been unable to make it happen. They lacked both the military genius, the correct analysis on the peasantry or the rhetoric and vision of mass politics that Mao had that allowed the CPC to pull through against all odds and win
Property prices, especially Tier 2 and bellow cities are seeing sustained drops on average. So this is an accompanying measure and not the start. The CPC has been slowly deflating and deleveraging their property market for 1-2 years now (with ups and downs and regional differences) but it is happening and it is intentional even if it barely has moved the needle in a lot of places. If anything home sales are still static or lower now because often people are expecting the prices to drop further so they are holding on. So this measure is probably a way to push some to buy now
Also general the "meat" of China’s future RE market is not in the 200 million who live in the richest cities or the 400 million who’ve reached urban middle class but the next 1 billion who are still climbing the development ladder .So income growth vs RE prices in 3rd tier and below is very important and its showing positive trends and results, even if first tier housing prices ,speculation and bubbles may persist and go back and forth for years
Also the numbers about Chinese GDP being 30% real estate etc are western third party guestimates and include any activity remotely related or including real estate. Its a big issue but not at that scale. Government figures put it closer to just being some 5-6 % points higher than western countries