I think purpose of Chinese government is not to reduce the price of house, but maintain its current price because the government knows very well the price is related to GDP. In fact, I just think how long the money in peoples hand can last for the high price. At that time, the house price will be automatically reduced even though famous professors and medie can not maintain the price because at moment the rich people is still very small amount in China.
I think government should balance all consumation not only house in order to have a health market. Increase or maintaining of the house price is just a short way to guarantee 8% increase of GDP at moment. That is why so many local govenment came out so many help measure to support the housing market in the early of this year and Chinese government didn't take any action at that time.
I have worked in UK for many years to make the house price valuation. I found UK government did very little no matter when the house price increased or decreased. The housing market automatically adept to the market. I don't know US situation. But I observed the house market in US is very similar to UK. I have noticed the Chinese house market for a long time. I think the current situation is not sustainable. If the policy would not change, the clapse is just time.