Despite the property cooling measures, Howie said the broad theme of how the Chinese government was responding to the situation was recurrent.
"For five to six years or so, you have on-again-off-again cooling measures in the property market, trying to make property more affordable and it's still nowhere near affordable," he added.
The Chinese government, he said, "has no clear plan".
"It's just a bubble, they try to pull it back; they rein it in a bit, they let it go again when it impacts the real economy."
Given the broader slowdown in China's economy, the growth in the property sector was encouraging investors to put their money into real estate, he added.
Tim Condon, head of research for Asia at ING, was more positive about the Chinese government's froth-tampering moves.
"When applied in a determined fashion as in Singapore, macroprudential policy works; home prices decline. When applied in a less forceful way, as in Hong Kong, they are less effective. We view China's authorities as more like Singapore's and we think it's a matter of time before macroprudential policy slows sales growth," he wrote in a note on Friday.
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