If the Chinese real estate bubble bursts it will dramatically slow down growth in Asia and undoubtedly be a major drag on the global economy.

Analysts are growing increasingly concerned about Chinese debt loads, and in September the People’s Bank of China’s chief economist, Ma Jun, said the Chinese government needs to take action to end real estate speculation, Fortune reports. Jun said measures need to be taken to “curb excessive financing into the real estate sector” in order to put the brakes on the “excessive bubble expansion.”

Other Chinese analysts are even more worried, saying the ratio of mortgage payments to a buyer’s income indicates China’s housing prices are close to what US prices were just before the housing market collapsed and triggered the Great Recession. [Fortune]