Recent tightening moves have effectively halted the housing price spike trend and helped regulate the market order, said Liu Hongyu, a professor at Tsinghua University, adding that the long-term policy effects still deserve observation.

Sales volume for both new and existing homes continued to trend down in November at a faster pace, with the tightening moves starting to exert ripple effects for other cities that have not seen such moves, observed Cheng Yun, a senior analyst at Centaline Property, a leading Chinese real estate agency.

The view was echoed by Xia Dan, a senior researcher at the Bank of Communications, one of China's top five lenders, who predicted that housing sales will further decelerate in November.

FIRM FOOTING

Housing is an essential sector in many economies including China, but it has been a source of vulnerability and financial crisis in some economies. The Chinese authorities are guarding against an unsustainable housing boom and facilitating reforms to channel resources into the real economy.

China's economic stabilization is truly sustainable without fast expansion of the property sector, said Jiang Chao, a senior analyst at Haitong Securities.

Despite the difficulty of transitioning to a more consumption and innovation-driven economy, a string of recent data pointed to the fact that the economy is growing on a firm footing. Some economists rejected worries that efforts to contain housing prices will cause the economy to lose momentum.

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