China's per capita GDP is still "very low" — not only for a developing country, but even for a developed country, Liang said. "There's still tremendous room to grow." Moreover, he said, the country's infrastructure investments in recent years and its centralized system of government gave it the power to use policy to effectively manage real estate market swings.

A slowdown in Chinese real estate would adversely affect countries that sell to China's property and construction industry, as well as those that export to countries exposed to the China housing market.

Meanwhile, Chinese investors continue to pour money into US commercial real estate deals despite China's recent economic slowdown.

Last month, Shanghai-based Fosun International — the investment firm headed by billionaire Guo Guangchang — agreed to pay $725 million for One Chase Manhattan Plaza, a high-profile 60-story office tower in New York's financial district. In June, a group led by real-estate tycoon Zhang Xin acquired a 40 percent stake in the most expensive US building — the General Motors office tower in midtown Manhattan. Big commercial real-estate deals also have been made by Chinese investors in San Francisco, Los Angeles and other US cities.

The panelists also talked about investment trends. Wendy Cai-Lee, head of East West Bank's US Eastern Region, said Chinese investors "want to diversify risk and are looking at things that have strategic value in order to grow their business domestically in China rather than in the overseas market". But those investors also are trying to go global, she said:"They're looking for global brands, looking for additional channels outside their domestic market."

The other panelists included Zhang Lanlan, president and CEO, of China International Capital Corp USA, and Harvey Fine, managing director, global investments and strategies, Fosun Group. The discussion moderator was Adi Ignatius, editor-in-chief of the Harvard Business Review.

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