Government agencies have begun issuing measures they hope will revitalize the property market. This comes after weeks of cooling down in home sales, with transactions declining in September and October, traditionally a peak season for the housing market.

The property market has been falling since the last quarter of 2007, but this October it plunged into bear territory. During the seven-day National Day holiday, housing transactions in Beijing were down 72 percent compared with the same period last year, despite intense promotions launched by developers.