The property craze has also heightened concerns about China's growing debt and the risks to its financial system, as much of the record loan growth has been driven by mortgages.
China's debt has soared to 250 percent of GDP and the Bank for International Settlements (BIS) warned in September that a banking crisis was looming in the next three years.
"We think that the cooling measures in property market will weigh on China's economy over the coming quarters," Commerzbank economist Zhou Hao in Hong Kong said in a note.
But statistics bureau spokesman Sheng Laiyun said "the impact (of property adjustment measures) on the economy will not be very big" in the short-term.
MOST SEPTEMBER DATA SHOWS MODEST IMPROVEMENT
Consumption contributed 71 percent of GDP growth in the first three quarters of the year, compared with 66.4 percent for 2015. The increase is partly due to contracting net exports but also indicates some success in Beijing's attempts to rebalance the economy from an over reliance on investment-led growth.
September indicators were mostly in line with expectations and improved slightly from August, but industrial output growth unexpectedly cooled to 6.1 percent from a year earlier, versus expectations for 6.4 percent.
Fixed-asset investment rose 8.2 percent in January-September from a year earlier, as expected, as the government cranked up infrastructure spending to support the economy. Fiscal spending in the nine-month period climbed 12.5 percent.
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