Considering the huge flows into SF, Vancouver and Sydney real estate, that doesn't seem likely. They even institute capital controls to prevent capital flight. That's a sign that the printer is running at a high speed!
However, if the RMB is overvalued (meaning they say it is worth more than it is actually), then capital controls are very necessary. If the RMB was undervalued, then you would need more controls in the opposite direction (for money coming in) to prevent arbitrage.
Right now the RMB is overvalued, but not by much. Maybe it should be 7 or 7.5 RMB/dollar.