The real problem isn't Chinese citizens owning property.

The real problem is corporate ownership of housing. Fixing it for single family houses is easy enough, require that the owner must be a natural person or group of people not to exceed the number of bedrooms, not a corporation. Do the same for condos. And limit the number a single person can own, say to no more than two in a single city and five in the entire country.

It's harder for apartments. Maybe a limit on the number of units that a single corporation can own, with a prohibition on ownership of residential property by any corporation with a majority of stock owned by anything but natural persons. And of course mix that with a massive government buyout of apartment properties, and mandatory national rent control for all rental housing, with rent not to exceed 1/3 of the renter's income under any circumstance.