Beware the asset price bubbles in China's first-tier cities, especially those driven by credit.

That's the message from Lord Adair Turner, former chairman of UK's Financial Service Authority, and now chairman of the Institute for New Economic Thinking, a US-based think tank.

Turner expressed his concerns to China Daily about surging home prices in cities like Shanghai and Shenzhen, echoing his consistent warnings about how excess debts drive real estate booms and busts, leading to financial crisis.