Beijing's super-loose monetary policy and unprecedented stimulus measures boosted investment in the China property to a record 3.6tr yuan (HK$4.1tr) last year, up 16.1% year on year. Sales soared 42.1% to an unprecedented 930m sq m, according to a report by the Housing and Urban-Rural Development. Investment in property has grown from 280bn yuan in 1995.

But analysts say the performance is unlikely to be repeated this year due to the government's tough measures to cool down excessive growth in property prices.

"The amount of property investment is at an historical high, thanks to the four trillion yuan stimulus package providing ample liquidity to major sectors such as the real estate industry," said Liao Qun, a senior vice-president and chief economist at Citic Ka Wah Bank.

"We saw both property and land prices heating up last year."

However, Liao believes the trend is not sustainable this year. He forecast real estate investment to drop 10% due to the banks tightening lending for property and other austerity measures to stabilise prices.

South China Morning Post