This deal only works for China if Bernanke has assured China that the value of the dollar will not fall until after China spends that cash Bernanke just gave them. The only way Bernanke can make that promise is if the Chinese are constrained to spend that cash either in the US stock market or American real estate; in the case of the latter to drive up the value of assets and pull more mortgages above water.
But China has to be smart enough to realize this is just another manufactured bubble and once the Chinese spending spree is over, gravity will reassert itself and the value of the assets will again plummet. China does not want to be stuck with bad assets any more than anyone else.
Chine could be left holding a lot of real-estate they cannot sell, but they can always dump stocks. So I am going to speculate that the Chinese will pour most of that cash Bernanke gave them into the US Stock Market, driving prices up even higher, then when the Bernanke cash runs out, dump the stocks and take their profit.
The US will then make China the bad guy for the crash even though Wall Street's Mortgage-backed security fraud created the mess.