How much risk is in the Chinese Banking sector?

While using stock screeners like Yahoo's I keep finding major Chinese banks at weird ratios like 3-6 PE, x<0.6 PB, 6-9% dividends, decent YoY increase in assets, revenues, earnings etc.

Examples are

Postal Savings Bank of China Co., Ltd. (1658.HK) PB 0.48 Dividend 6.37% PE 4.86

China CITIC Bank Corporation Limited (0998.HK) PB 0.25 Dividend 9.89% PE 3.11 (higher debt)

Agricultural Bank of China Limited (1288.HK) PB 0.33 Dividend 8.89% PE 3.63

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Is everyone expecting that a major mortgage collapse is inevitable? Are there some ratios to support such claims similarly to how there are ratios for US recessions.

I haven't made much of a search and I am sure there are other bargains, so feel free to share them here.

Even if there is a collapse of the housing market in China wouldn't those banks be nicely protected from bankruptcy with their great PB ratio and enough earnings to currently provide 9% p.a. in dividends? They can always reduce/remove the dividends to improve their financial position. I am not saying that their SP won't be impacted significantly (i.e. 40-60% downturn), but that they are still a solid investment for the political and financial risks. Besides is there really another political risk except war? Could CCP really privatize such major banks and risk losing many cash flow/investments coming from abroad? If they get at risk of bankruptcy I am sure the Chinese government would bail them out, but not sure if this would help the stockholders or not.