China’s property market is turning around in a big way—prices in Tier 1 cities are exploding—but the loosening of restrictions and rate cuts driving that explosion share eerie similarities with the run-up to the subprime mortgage crisis in the US.

In Q1 residential prices in Shenzhen shot up almost 80% year-over-year, while prices in Shanghai are up by 65%, Business Insider reports. Massive growth that sudden can’t help being suspicious, especially when it’s largely driven by relaxations in regulatory oversight and rate cuts.

But this growth doesn’t mean China is necessarily standing just before total collapse. Prices have only consistently risen with those levels in Tier 1 cities—not all of China’s real estate is booming.

Finally, mortgages are still difficult to get, despite down-payment requirements being eased. Nevertheless, the similarities to the US ecosystem before the crash are there. [BI]