China Stock Market collapse/ West Coast home prices. Any impact?!?

The continued collapse of the China stock market and recent posts of a potential bubble in SFR home prices (a Housing Wire article reporting on Collateral Analysis call)  raises the question of whether we might see a high tide/full moon/ repricing of risk in SFR market.
Some of the rating agencies (notably Fitch) have long argued that SFR home prices are above long-term sustainable valuations. However funds from dot-com IPO millionaires, wonderful weather, and a 24/7 lifestyle have continued to attract buyers.SFR_July7
Might the decline in China stock market spill over into West Coast home prices -particularly San Fran, Seattle and Vancouver (more on Canadian prices in a future blog)? Will Chinese investments in US real estate accelerate, now that the Chinese stock markets are shown to be so volatile, or might Chinese investors liquidate holdings to cover stock market debts, take advantage of lower Chinese stock market prices, or under pressure from the Chinese government?
Many analysts have touted the role of Asian money driving home prices in the three areas mentioned above. If the China stock market is in turmoil might the opposite be true now?
I focus on San Francisco as it’s been the focus of other reports and (of the three) it’s the only one with a CME housing contract (SFR). The Nov ’17 contract is bid 17.5% higher than the current Case Shiller index. Is that the right level, or can the case be made that San Fran real estate is a safe haven (for Chinese investors) and that money will continue to drive home prices higher?
My hope is that this debate finds its way to trading the SFR contracts.
Feel free to post ideas or PM me if you have an trading ax or idea at johnhdolan@homepricefutures.com.