Noted hedge fund manager Jim Chanos has been bearish on China vocally since at least 2009. Below we have a video of Chanos appearing on Bloomberg today, after a recent trip to the region (but he still has yet to visit the mainland itself - and might at this point purposefully not choosing to just so those who say you can't know anything about a country unless you visit it), appears ever more bearish. A lot of comments directly on the financial system of China, although he still delves into the real estate situation as well.
5 minute video - email readers will need to come to site to view
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Dec 10, 2010: CNBC - Jim Chanos Remains Bearish on China, with Some Compelling Statistics]
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Jul 21, 2010: A Reader's Observations of China]
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Jan 8, 2010: Hedge Fund Manager Jim Chanos Continues to Sound the Warning on China]
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Dec 16, 2009: CNBC Video - Hedge Fund Maven Jim Chanos on Autos, Banking, and China]