China lacks of satisfactory social safety net regardless in the field of pension or health care in which has seen the debt problem recently. Furthermore, debates and suggestions on extending the retirement age have triggered a certain degree of anger amongst the public. During the past planned economy era, social safety net was composed by low-level public health care and pension. However, the social safety net was abandoned during the later era of market economy except for the national officials' welfare. Align with urbanization, the properties held by the citizens are in fact an integral part of the social safety net. Given the stable value of properties, it indeed effectively functions as pension assets. Therefore, if government policies led to the collapse of property market, the loss will be beyond sizable assets and the social stability will be threatened. In this case, China will lose its existing effective social safety net.